TheBlock
Bernstein reiterated its Outperform rating and $36 price target on TeraWulf after the miner signed a $19 billion, 20-year lease with Anthropic, the longest-duration deal yet among crypto miners pivoting to AI infrastructure.
TeraWulf's AI orderbook now stands at roughly $27 billion in contracted revenue across three tenants, against about 839 megawatts of IT load, according to analysts at the research and brokerage firm.
Why it matters
The $19B lease is the largest single commitment a crypto miner has converted into AI infrastructure revenue to date, and the 20-year tenor lengthens the visibility window in a way most cloud-scale data centre operators cannot match. For a sector whose equity story has been "sell the GPUs, rent the racks," the contract locks in a decade-plus of cash flow against a single hyperscaler-grade tenant.
Market impact
The price target held because Bernstein had already incorporated the lease into its model, but the deal reframes the comparable set for peers. Riot, Hive, Core Scientific and the rest of the listed miner cohort now trade against a TeraWulf that has effectively become a build-to-suit AI infrastructure company with a $27B contracted backlog and a sub-gigawatt pipeline.
Frequently asked questions
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Why did Bernstein keep its $36 TeraWulf target unchanged?
The $19B Anthropic lease was already incorporated into Bernstein's model, so the price target stayed at $36. The deal's size and tenor validate the existing thesis rather than raise it.
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How large is TeraWulf's total AI orderbook after the Anthropic deal?
Roughly $27 billion in contracted revenue across three tenants, paired with about 839 megawatts of IT load, according to Bernstein analysts.
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Why is a 20-year lease significant for a crypto miner?
It is the longest-duration AI infrastructure deal yet signed by a former crypto-mining company, locking in a decade-plus of cash flow against a hyperscaler-grade tenant and extending revenue visibility beyond what most cloud operators can offer.
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How does the Anthropic lease affect other listed crypto miners?
Riot, Hive, Core Scientific and the rest of the cohort now trade against a TeraWulf with a $27B contracted AI backlog, which resets the comparable set for build-to-suit AI infrastructure exposure.
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What does this deal signal about the broader crypto-miner-to-AI pivot?
It is the strongest validation yet that former crypto miners can underwrite cloud-grade AI demand, reinforcing the sector-wide re-rating thesis that has driven miner equities since late 2024.
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