Anthropic Signs at Kentucky with Strong Implied Yields

Research evidence excerpt

Anthropic Signs at Kentucky with Strong Implied Yields

USA | Digital Infrastructure

Terawulf Inc EquityJulyResearch7, 2026

TARGET | ESTIMATE CHANGEAnthropic Signs at Kentucky with Strong Implied

RATING BUYYields

PRICE $20.24^

WULF signed Anthropic at Kentucky, removing a key customer overhang

and materially increasing contracted backlog. With an implied ~18% yield PRICE TARGET | % TO PT $30.00 ($28.00) | +48%

on cost, the economics screen favorably even under conservative debt cost 52W HIGH-LOW $29.84 - $4.64

assumptions. The focus now shifts to financing, specifically how lenders FLOAT (%) | ADV MM (USD) 67.4% | 631.60

view Anthropic and the investment-grade credit support behind the lease. The MARKET CAP $10.0B

Abernathy sale further improves liquidity and reduces near-term equity funding TICKER WULF ^Prior trading day's closing price unless otherwise

needs. noted.

WULF is Generating an Implied 18.3% Yield on Cost; Economics Compare Favorably with Recent FY (Dec) CHANGE TO JEFe JEF vs CONS

AI Data Center Deals: WULF is expected to generate roughly $2.4M of annual revenue per MW on 2026 2027 2026 2027

the 401 MW Anthropic deployment. Using management's indicated $10-12M per MW development REV NM +3% -8% +6%

cost range and 85% NOI margins, the project implies an estimated 18.3% yield on cost at $11M per

EPS +1% -10% -23% -150%

MW build costs. In our view, the economics screen favorably relative to other recently announced

AI data center leases, particularly given that WULF achieved strong yields while contracting directly

2026 ($) Q1A Q2 Q3 Q4 FY

with Anthropic, in our view a stronger counterparty than a neocloud intermediary.

EPS (1.01) (0.36) (0.32) (0.14) (1.68)