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According to BBX data, last week the completion of the most significant contract for Bitcoin mining company AI transformation was announced, and data on the market performance of crypto-listed companies post-IPO further reveals the industry's valuation dilemma. The core dynamics are as follows:TeraWulf Inc. (NASDAQ: $WULF) disclosed last week through SEC 8-K that the company signed a 20-year AI infrastructure lease with AI leader Anthropic (privately held) ------ the lease subject is TeraWulf's Justified Data campus located in Hawesville, Kentucky, totaling approximately 401 megawatts of IT critical load, expected to generate about $19 billion in contract lease revenue during the initial 20-year lease term (supported by expected investment-grade credit), with the first capacity expected to be delivered in H2 2027, and full capacity of 401MW expected to reach production by early 2028. On the same day, TeraWulf sold its 50.1% stake in the AI data center JV in Abilene, Texas (168MW), with the buyer being a consortium of investors led by Fluidstack, for a total consideration of approximately $530 million (in three phases: $250 million down payment within 14 days, $150 million by the end of 2026, and about $130 million by the end of April 2027), realizing a premium on the original $450 million investment, with the proceeds reinvested into TeraWulf's wholly-owned AI infrastructure projects. CEO Paul Prager: "This milestone collaboration demonstrates our ability to provide large-scale, power-secure infrastructure for top AI clients." $WULF rose over 16% during the day, and after the announcement, several institutions raised their target prices: BofA (Buy, $34), Citi (Buy, $36), Needham (Buy, $33, up from $28), Rosenblatt (Buy, $30), with the average price from Wall Street analysts exceeding $33; the company's stock price has risen over 80% year-to-date, with Benzinga assessing the momentum score at 98.06 (extremely strong).According to INN data from July 8, BitGo Holdings (NYSE: $BTGO) has fallen about 77% since its listing at $22.43 in January 2026, becoming one of the worst performers in this round of crypto IPOs, marking a systemic downturn in the market for crypto asset companies post-IPO; during the same period, Bullish (NYSE: $BLSH) has dropped about 71% from its listing price of $90 in August 2025, eToro Group (NASDAQ: $ETOR) has fallen about 42% from its listing price in May 2025, Figure Technology Solutions (NASDAQ: $FIGR) has decreased about 14%, and only Circle Internet Group (NYSE: $CRCL) has dropped about 6% since its listing in June 2025, showing the smallest decline. The continued weak market performance has substantially frozen the pipeline for subsequent crypto IPOs: Kraken's parent company Payward suspended its listing process this spring, and Grayscale, Consensys, and Ledger have all postponed their IPO plans until market conditions improve.

According to Bloomberg, Bitcoin mining company TeraWulf plans to raise approximately $3.5 billion, led by Morgan Stanley, to expand its Justified Data data center campus located in Hawesville, Kentucky.This financing will include leveraged loans and high-yield bonds, marking TeraWulf's first entry into the leveraged loan market, with plans to launch within this year. TeraWulf has previously signed a 20-year lease with Anthropic, with expected contract revenue of approximately $19 billion during the initial lease term, which also includes two five-year renewal options. The data center is expected to begin preliminary operations in the second half of 2027, with full construction completed by early 2028.

According to BBX data, yesterday marked a milestone for the global largest IPO completion index, with a historic turning point in the valuation logic of AI transformation in mining companies. The core dynamics are as follows:SpaceX, Inc. (NASDAQ: $SPCX) reported on July 7 that the company was officially included in the Nasdaq 100 index this week, becoming the first in history to have the largest single IPO ($75 billion) included in the Nasdaq 100. CoinDesk also issued a historic warning: "The last two largest new constituents added—Palantir ($PLTR) in December 2024 and Strategy ($MSTR) in early 2025—both experienced a phase decline after inclusion, rather than starting a new round of increases"; analysts pointed out that passive funds tracking the Nasdaq 100 complete "forced buying" at the time of inclusion, and if there are no new fundamental catalysts afterward, stock prices often pull back after technical buying subsides. Specific risks currently facing SpaceX include: a net loss of approximately $4.27 billion in Q1 2026 (mainly due to xAI integration expenses), a $2 billion bond issuance plan, and a 3.4% equity dilution from the $60 billion acquisition of Cursor/Anysphere; Morningstar maintains a fair value estimate of $62 per share, indicating about a 70% implied downside from the current market price. For the market holding SpaceX Bitcoin (18,712 coins, approximately $1.2 billion, held in Coinbase Prime), the inclusion in the Nasdaq 100 will trigger a larger scale of SPCX holdings by passive funds, further bridging the gap between traditional index investors and indirect exposure to Bitcoin assets.TeraWulf Inc. (NASDAQ: $WULF) according to the latest analysis, the company's high-performance computing (HPC) leasing revenue in Q1 2026 reached $21 million, accounting for about 62% of the total revenue of $34 million, surpassing Bitcoin mining revenue for the first time—this marks TeraWulf's first historic revenue structure reversal after transitioning to an AI/HPC infrastructure company, with a 117% increase from the $9.7 million HPC revenue in Q4 2025. The company has currently signed over 522 megawatts of AI/HPC leases with Core42 and Fluidstack, with an expected annual high-margin revenue of approximately $630 million; the energy structure consists of nuclear power + hydropower, with an average electricity cost of about $0.035 per kilowatt-hour, one of the lowest among similar mining companies. The company is also developing a new campus in Kentucky, adding approximately 480 megawatts of grid access capacity; analysts have significantly raised their target price ranges, with Keefe Bruyette & Woods raising from $23 to $37, Clear Street from $26 to $38, Jefferies initiating coverage with a Buy rating and a target price of $37, and BTIG raising at the same time. The company's stock price has increased by approximately 88% year-to-date in 2026, leading the gains in the mining sector.

According to Decrypt, Bitcoin mining company TeraWulf has signed a 20-year lease with Anthropic to build an approximately 401 MW AI data center park at the Justified Data campus in Hawesville, Kentucky, USA, which is expected to generate about $19 billion in revenue.Under the agreement, the first phase of the campus is expected to go live in the second half of 2027 and reach full capacity in early 2028. TeraWulf stated that the lease is expected to receive investment-grade credit rating support. In addition, TeraWulf has sold its 50.1% stake in the Abernathy Joint Venture to a group led by partner Fluidstack, exiting its approximately $450 million investment at a premium.Following the announcement, TeraWulf's stock price surged nearly 14%, and the stock prices of Bitcoin mining companies such as IREN, Hut 8, and Cipher Digital also rose by more than 10%, respectively.

According to CoinDesk, Bitcoin mining company turned HPC infrastructure developer TeraWulf (WULF) announced the acquisition of a site in Kentucky, USA, capable of supporting over 1 gigawatt of AI and high-performance computing (HPC) loads for the development of a massive data center. The first phase of 500 megawatts is expected to gradually come online starting in the second half of 2028, with a goal of adding another 500 megawatts before 2030. The company stated that the key constraints in the market under the AI boom have shifted from computing hardware to power and transmission infrastructure. Following the news, TeraWulf's stock price surged 13% during trading, and shares of other companies in the same sector, such as Hut 8 (HUT), Keel Infrastructure (KEEL), IREN (IREN), and Cipher Mining (CIFR), also rose.

According to TheEnergyMag, TeraWulf (NASDAQ: WULF) announced the acquisition of the Muskie Data Campus located in eastern Kentucky, which is expected to support over 1 GW of data center capacity. The first phase of 500 MW is scheduled to begin delivery in the second half of 2028, with the second phase of 500 MW targeted for completion in the second half of 2030.The parcel was acquired from Industrial Equity Partners, covering approximately 285 acres, located within a 1000-acre industrial park in eastern Kentucky. Kentucky Power (a subsidiary of AEP) has initiated the construction of a 345 kV substation, connecting to the 765 kV transmission network, and the transmission infrastructure and energy service agreements have been signed simultaneously.TeraWulf stated that the project has completed zoning planning, and the permitting work is progressing, with limited preliminary site preparation work. Following the completion of this acquisition, TeraWulf's footprint in Kentucky will expand to two major digital infrastructure projects, with a total platform capacity exceeding 2.8 GW. The company reported revenue of $34 million in the first quarter, including $21 million from HPC leasing.

According to Decrypt, Bitcoin mining company TeraWulf announced its first-quarter financial report, with a net loss of $427 million, compared to a loss of $61.4 million in the same period last year. The company's revenue was $34 million, of which 60% (approximately $21 million) came from AI computing business, a quarter-over-quarter increase of 117%; revenue from Bitcoin mining, on the other hand, decreased by 50% quarter-over-quarter to approximately $13 million.The CEO stated that the first quarter is a year of execution, and the company has established a complete platform, transforming its foundation into operational performance and recurring revenue. TeraWulf CFO Patrick Fleury mentioned that the company is shifting towards a more stable contracted revenue model, reducing its reliance on the volatility of Bitcoin mining. The company will continue to repurpose some of its Bitcoin mining operations to support higher-value high-performance computing workloads.

Bitcoin mining company TeraWulf announced its Q1 financial report, showing that its high-performance computing (HPC) business has for the first time surpassed Bitcoin mining revenue, marking a critical stage in the company's transformation towards AI and cloud computing infrastructure.The company's total revenue for Q1 was $34 million, roughly flat compared to the same period last year. Among this, HPC leasing revenue reached $21 million, surpassing the less than $13 million from digital asset mining for the first time, becoming the main source of income. The financial report also indicated that the company's net loss widened to $427.6 million, mainly due to the impact of non-cash warrant revaluation. However, CFO Patrick Fleury emphasized that the company is transitioning from "volatile mining revenue" to "stable long-term computing power contract revenue." Currently, TeraWulf has 60 MW of HPC capacity generating revenue at its Lake Mariner data center in New York and plans to continue expanding within the year. At the same time, the company is transforming part of its mining infrastructure into AI/HPC computing resources to support massive computing power demands. This trend is spreading throughout the industry, with Bitcoin mining companies like Riot Platforms also expanding their revenue structure through data centers and AI contracts, gradually transforming into "computing power infrastructure companies."

The Nasdaq-listed Bitcoin mining company TeraWulf announced that it has completed the previously announced public offering of 54,510,000 shares of common stock, with an offering price of $19 per share, raising a total of $1,035,690,000. Morgan Stanley acted as the lead underwriter for this offering, while Bank of America Securities, Citigroup, TD Cowen, and Wells Fargo Securities served as co-managers.Citizens Capital Markets and Santander Bank acted as sub-underwriters, and Cantor Fitzgerald served as the equity capital markets advisor. TeraWulf plans to use the net proceeds from this offering to pay for a portion of the construction costs of its planned data center campus in Horse Cave, Kentucky, including the full repayment of outstanding amounts under its transitional credit facility, as well as for future site acquisitions and general corporate purposes.

According to The Block, Bitcoin mining company TeraWulf raised $900 million through a stock issuance, and the funds will be used to build AI data centers. After the news was announced, TeraWulf's stock price fell.

According to CoinTelegraph, TeraWulf (stock code: WULF) released its financial report for 2025, showing that as of December 31, TeraWulf's annual revenue increased from $140.1 million in 2024 to $168.5 million in 2025.In the fourth quarter, the company's total revenue was $35.8 million, which included $26.1 million from digital assets and $9.7 million from high-performance computing (HPC), down from $50.6 million in the third quarter, with analysts previously expecting an average of $44.1 million. Additionally, the company's Q4 loss per share was $1.66, compared to a loss of $0.21 per share in the same period last year.

According to CoinMarketCap, Morgan Stanley has begun coverage on Bitcoin mining companies, giving Cipher Mining and TeraWulf an overweight rating, while rating Marathon Digital as underweight.

According to CoinDesk data, Morgan Stanley analyst Stephen Byrd and his team rated three Bitcoin miners, giving Cipher Mining (CIFR) and TeraWulf (WULF) a "Buy" rating, with target prices set at $38 and $37, respectively.At the same time, they also initiated coverage on Marathon Digital (MARA), giving it a "Sell" rating with a target price of $8.On Monday, CIFR's stock price rose 12.4% to $16.51, WULF's stock price increased by 12.8% to $16.12, and MARA saw a slight increase to $8.28.

TeraWulf Inc. (NASDAQ: WULF) announced on December 18, 2025, that it has successfully completed the financing pricing for a 168 megawatt high-performance computing (HPC) joint venture project located in the Abilene, Texas park with Fluidstack.The project will build a next-generation liquid-cooled artificial intelligence data center, with a total power capacity of 240 megawatts. The funds raised will be used for construction, establishing reserves, and completing facility delivery, with an expected operational start in the second half of 2026.

According to CNBC, BTIG analyst Jonathan Krinsky stated in a client report on Wednesday that after experiencing a peak-to-trough decline of -36% earlier this month, Bitcoin is now expected to continue its reflexive rebound, returning to at least $100,000.According to data from Coin Metrics, Bitcoin's latest trading price is $92,451.3, having risen nearly 10% over the past five days, but still down 20% over the past month.Analysts noted that despite recent pullbacks, cryptocurrency mining companies Cipher Mining and Terawulf have performed well during the cryptocurrency correction. Since Monday, Cipher Mining has risen 35%, and Terawulf has increased by 31%. Barclay's Crypto Mining Index has held its support level and is expected to have 15% more upside before encountering stronger resistance.Additionally, the second-largest cryptocurrency by market capitalization, ETH, which has dropped 24% over the past month, also seems poised to reclaim the $3,400 level, with the latest trading price at $3,075.62, having risen nearly 13% over the past five days. Solana and XRP have increased by 12% and 15%, respectively, during the same period.

According to Cointelegraph, American Bitcoin miner TeraWulf announced its third-quarter financial report on Monday, with revenue reaching $50.6 million, a year-on-year increase of 87%. Among this, digital asset revenue was $43.4 million.Although the company only mined 377 Bitcoins this quarter, a decrease from 555 Bitcoins in the same period last year, the price increase more than compensated for the drop in production. The company stated that revenue growth also came from the expansion of computing power and the launch of AI high-performance computing leasing business.TeraWulf is accelerating its shift away from a single mining model. CEO Paul Prager stated that the company has been exceptionally busy from the third to the fourth quarter, having expanded its partnership with Fluidstack and Google for Lake Mariner, and entered the Southwest Power Pool through the Abernathy joint venture project. In October, the company issued $3.2 billion in senior secured notes for the expansion of the Lake Mariner data center and signed three 10-year AI infrastructure leasing agreements with Fluidstack, totaling $6.7 billion.On the day of the financial report release, TeraWulf's stock price (WULF) peaked at $14.85 during intraday trading, an increase of 6%, and closed at $14.30, a slight rise of 0.49%. Although miners are generally shifting towards AI business, the price of Bitcoin still has a core impact on their revenue.

According to GlobeNewswire, Nasdaq-listed Bitcoin mining company TeraWulf announced the completion of a $1.025 billion convertible preferred note issuance, exceeding the previously announced $900 million private placement scale.This includes $125 million in notes issued with additional note purchase options granted to initial purchasers, with net proceeds of approximately $999.7 million after expenses. The new funds will be used for the construction of the Abilene data center campus in Texas and other corporate purposes.

ChainCatcher news, according to GlobeNewswire, Nasdaq-listed Bitcoin mining company TeraWulf announced that it will raise an additional $500 million through the issuance of convertible preferred notes, and it has also offered initial purchasers an option to buy up to $75 million in convertible bonds. The new funds will be used for the construction of data centers and general corporate purposes.

ChainCatcher news, according to The Block, TeraWulf has partnered with the AI cloud platform Fluidstack to build a 168 MW high-performance AI data center in Texas, with a $1.3 billion lease support from Google. TeraWulf holds a 51% stake, and the total contract value reaches $9.5 billion. The project is expected to be completed in the second half of 2026, pushing the company's total capacity to exceed 510 MW.The company also disclosed that Q3 revenue increased by approximately 84% year-on-year, and the stock price rose by 25% in response to the news, having increased by over 130% year-to-date.

ChainCatcher news, according to Bloomberg, cryptocurrency mining company TeraWulf Inc. has completed a $3.2 billion debt deal intended for the expansion of its data centers.