Monday Morning Fireworks; WULF Signs Anthropic

Research evidence excerpt

Monday Morning Fireworks; WULF Signs Anthropic

AI Infrastructure

TeraWulf Inc. (WULF)

EQUITY RESEARCH Company Update

July 6, 2026

Monday Morning Fireworks; WULF Signs Anthropic Price: $21.18

Price Target: $37.00 (From $31.00) This morning, WULF announced it has signed a lease with Anthropic (private) in

Rating: Overweight addition to monetizing its majority ownership interest in its Abernathy JV, as it has

Key Statistics: sold its stake to an investor group led by Fluidstack (private). Lease terms appear

Symbol NASDAQ: WULF to be attractive. It is the longest lease we have seen get signed in this space, with

52-Week Range 4.52 - 29.84 average revenue per MW setting a new record (primarily driven by lease duration).

Market Cap 11,786.7 After accounting for this deal and backing out what we valued the JV at, we now

ADV (3 mo) 30,363,758

estimate the contracted value of WULF's signed leases to be worth ~$26/sh. WULF EV ($M) 13,831

Shares Out (M) 556.5 continues to have a very attractive pipeline (~400 MW at Cayuga and two 1 GW+ sites

in KY and MD). We get the sense this deal had multiple parties interested - and given

Research Analysts: the site is in Kentucky, multiple parties have now thoroughly diligenced this region for

Brett Knoblauch, CFA WULF's other Kentucky site. From a catalyst perspective, we are still waiting on WULF

212-610-2221 getting more power at Lake Mariner, we are expecting a FERC decision regarding its

Brett.Knoblauch@cantor.com Maryland site in August, and we could see WULF signing the first phase of its next

Gareth Gacetta Kentucky site in 1H27 (500 MW gross). Ultimately, WULF is becoming a platform play ‒ 212-915-1251

Gareth.Gacetta@cantor.com it acquired this site in February and leased it within five months. We believe platform