North America Telecommunications Infrastructure: TeraWulf Announces Justified Data Lease and Sale of Majority Interest in Abernathy JV

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North America Telecommunications Infrastructure: TeraWulf Announces Justified Data Lease and Sale of Majority Interest in Abernathy JV

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06 Jul 2026 13:25:07 ET │ 12 pages

North America Telecommunications Infrastructure

TeraWulf Announces Justified Data Lease and Sale of Majority Interest in

Abernathy JV

CITI'S TAKE

WULF shares are up ~10% today after TeraWulf announced two strategic

transactions that aim to align the company with its long-term AI

infrastructure strategy. We view the leasing announcement as a Michael Rollins, CFAAC

significant positive with implied annual average rent and possible average +1-212-816-1116

development yield outpacing our expectations. The sale of the JV was at a michael.rollins@citi.com

lesser value than we expected, while the sale does unlock capital for WULF Nick Joseph

to invest in projects with significantly greater scale that it fully owns and +1-212-816-1909

controls. Net-net, we view the announcements when taken together as nicholas.joseph@citi.com

net-positive for WULF. We remain a Buyer of WULF and expect shares to

trade higher near-term. We share our takeaways from the announcement Caitlyn Walsh

and our discussion with WULF IR. +1-212-816-6692

caitlyn.walsh@citi.com

Roberta VersianiJustified Leasing – WULF signed a 20-year lease with Anthropic at its Justified Data

+1-212-816-5071campus in Hawesville, Kentucky, supporting approximately 401 MW of critical IT

roberta.versiani@citi.com

load and expected to generate roughly $19 billion of contracted revenue over the

initial lease term. The announcement was broadly in line with WULF’s previously

announced intention to sign a lease within the campus by the end of 2Q26, with

management noting that the timing reflects the completion of final documentation