Bernstein maintained its Outperform rating and $36 price target on TeraWulf (WULF) after the company signed a $19 billion, 20-year lease with Anthropic and sold its majority stake in the Abernathy joint venture to a Fluidstack-led investor group.
The lease covers 401 megawatts of IT load at TeraWulf's Justified Data campus in Hawesville, Kentucky, and delivers better economics than Bernstein had modeled, with an average annual yield of $2.4 million per IT megawatt, compared with the firm's earlier $1.9 million assumption.
TeraWulf signed the agreement on Monday, in a deal expected to generate about $19 billion in revenue, The Block reported.
A shift to direct customer leases
Bernstein flagged the two transactions as a change in TeraWulf's business model toward full ownership, direct customer relationships, and complete operational control.
