We sit down with TeraWulf CFO Patrick Fleury right after the Anthropic announcement to break down the deal terms, the financing structure, and what it means for long term shareholder value. We also unpack why TeraWulf is selling the Abernathy JV stake, how site selection drives terminal value, and where power markets like Texas can mislead investors. 

• overview of the two announcements and how they fit TeraWulf’s priorities 
• rationale for selling Abernathy and recycling capital into wholly owned sites 
• Hawesville lease structure with Anthropic including 20-year term and escalators 
• investment grade credit support framework and why it matters for project finance 
• yield on cost versus WACC and why leverage discipline drives equity value creation 
• valuation walk-through using NOI, cap rates, and per share impact 
• PUE strategy and designing capacity around peak versus average conditions 
• negotiation complexity and why leases and SLAs keep getting longer 
• terminal value thinking based on latency, population radius, and grid power economics 
• ERCOT realities, interconnection queues, and the risk of power assumptions 
• who owns technology refresh costs and why maintenance capex assumptions get mis-modeled 
• labour constraints for electricians, regional execution, and EPC partner selection 
• pipeline outlook for Morgantown, Eastern Kentucky, and potential Europe expansion 

Let us know in the comment section below if you're currently holding shares of WULF and what you thought about yesterday's news!

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