Anthropic · The Block
Bernstein maintains $36 TeraWulf target after $19 billion, 20-year Anthropic lease
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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.
Key facts
- 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
- Analysts expect net AI revenue to climb from $209 million in CY26 to $1.7 billion by CY30, a compound annual growth rate of 70%
- The firm values TeraWulf at 21 times one-year forward EV/EBITDA on its CY30 steady-state estimate, discounted to a target enterprise value of $25 billion, arriving at the $36 target after adjusting
- 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
Summary
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. Bernstein flagged the two transactions as a change in TeraWulf's business model toward full ownership, direct customer relationships, and complete operational control. The Anthropic lease is TeraWulf's third AI deal, joining earlier agreements with Core42 and Google-backstopped Fluidstack.