In late July 2026, TeraWulf announced a 20-year lease with AI firm Anthropic for its Kentucky Justified Data campus, projected to generate about US$19.00 billion in contracted revenue, alongside Federal Energy Regulatory Commission approval for its purchase of Maryland's Morgantown generating station. These moves deepen TeraWulf's shift from pure bitcoin mining toward long-term AI infrastructure and data center power control, while it also agreed to monetize its Abernathy Joint Venture stake valued at approximately US$450.00 million. The Anthropic lease adds an expected US$19.00 billion of contracted revenue over two decades, complementing earlier Fluidstack and Core42 agreements and further tilting TeraWulf toward AI and HPC hosting. TeraWulf's narrative projects $1.7 billion revenue and $209.3 million earnings by 2029, requiring 117.5% yearly revenue growth and about a $1.2 billion earnings increase from -$1.0 billion today. Forecasts yield a $36.32 fair value, a 106% upside to its current price. Before this news, the most cautious analysts were already assuming about 119.9 percent annual revenue growth and still no profits by 2029. The biggest near term risk may be whether TeraWulf can fund and deliver this buildout, with questions remaining about profitability, capital needs, tenant concentration, and financing risk.