WULF: $19Bn Anthropic deal and JV sale to Fluidstack - our thoughts and model update

Research evidence excerpt

WULF: $19Bn Anthropic deal and JV sale to Fluidstack - our thoughts and model update

7 July 2026

Estimate Change

Gautam Chhugani

+91 226 842 1416

Global Digital Assets gautam.chhugani@bernsteinsg.com

TeraWulf Inc Mahika Sapra

+91 226 842 1408

Rating mahika.sapra@bernsteinsg.com

Outperform Sanskar Chindalia

Price Target +91 226 842 1445

sanskar.chindalia@bernsteinsg.com

WULF 36.00 USD

Harsh Misra

+91 226 842 1457

harsh.misra@bernsteinsg.com

WULF: $19Bn Anthropic deal and JV sale to Fluidstack - our

thoughts and model update

TeraWulf (WULF) announced $19Bn AI contract with Anthropic (link), successfully meeting

Close Date 6 Jul 2026

management’s guidance for kentucky tenant by end of Q2’26. WULF also announced sale of

WULF Close Price (USD) 22.21

Abernathy JV to group of investors led by Fluidstack, with $530Mn sale proceeds to support

Price Target (USD) 36.00

future data center campuses (link). We believe this marks a shift in WULF’s business model

Upside/(Downside) 62%

- moving towards full ownership, direct customer relationships and complete operational

52-Week Range 29.84/4.52

controls. In this note, we share key takeaways and update our model for the Anthropic deal

SPX 7,537.43

and JV sale.

FYE Dec

We update our model to account for the Abernathy JV sale, and update the Anthropic Div Yield NA

contract terms at Justified Data Campus with available information. The Anthropic deal has Market Cap (USD) (M) 11,006

better economics than our modeled assumptions (average annual yield at $2.4Mn per IT MW EV (USD) (M) 13,691

vs our assumption of $1.9 Mn per IT MW). However, the net impact on our CY30E Adjusted Performance YTD 1M 6M 12M

EBITDA estimates after adjusting for Abernathy JV sale is marginal (incremental $43Mn Absolute (%) 93.3 (7.5) 77.8 362.7

EBITDA impact).