TeraWulf’s new $19 billion AI lease with Anthropic drives Bernstein’s bullish price target and outperform rating.
Bernstein maintained an outperform rating on TeraWulf (NASDAQ: $WULF) and set a $36 price target, implying 71% upside from current levels. The brokerage cited TeraWulf’s 20-year, $19 billion lease with AI firm Anthropic as a key catalyst.
TeraWulf’s AI orderbook now totals $27 billion in contracted revenue from three tenants, including Anthropic. The Anthropic deal covers 401 megawatts at TeraWulf’s Kentucky data center, generating $2.4 million annually per megawatt, above prior estimates of $1.9 million. The contract includes two five-year renewal options.
$WULF stock has surged 343% over the past year, trading at $21.26 per share.