📢 𝐉𝐔𝐒𝐓 𝐈𝐍: $WULF TeraWulf Signs 20-Year Anthropic Lease, Sells Abernathy JV Stake 👉 𝐊𝐞𝐲 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬: ➤ 𝐓𝐞𝐫𝐚𝐖𝐮𝐥𝐟 signed a 𝟐𝟎-𝐲𝐞𝐚𝐫 AI infrastructure lease with 𝐀𝐧𝐭𝐡𝐫𝐨𝐩𝐢𝐜. ➤ Lease is expected to generate approximately 𝟏𝟗 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 in contracted revenue over the initial term. ➤ Anthropic campus will support approximately 𝟒𝟎𝟏 𝐌𝐖 of critical IT load. ➤ Initial capacity is expected online in 𝐇𝟐 𝟐𝟎𝟐𝟕, with full buildout by 𝐞𝐚𝐫𝐥𝐲 𝟐𝟎𝟐𝟖. ➤ TeraWulf agreed to sell its 𝟓𝟎.𝟏% Abernathy JV stake to a 𝐅𝐥𝐮𝐢𝐝𝐬𝐭𝐚𝐜𝐤-led investor group. ➤ Transaction monetizes TeraWulf's approximately 𝟒𝟓𝟎 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 investment at a 𝐩𝐫𝐞𝐦𝐢𝐮𝐦. ➤ Proceeds will be redeployed into 𝐰𝐡𝐨𝐥𝐥𝐲 𝐨𝐰𝐧𝐞𝐝 AI infrastructure opportunities. ➤ Company expects stronger revenue visibility and greater 𝐝𝐢𝐫𝐞𝐜𝐭 𝐨𝐰𝐧𝐞𝐫𝐬𝐡𝐢𝐩 of AI assets. 👉 𝐖𝐡𝐲 𝐈𝐭 𝐌𝐚𝐭𝐭𝐞𝐫𝐬: ➤ 𝟏𝟗 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 lease significantly strengthens TeraWulf's long-term revenue pipeline. ➤ Capital recycling supports expansion of 𝐡𝐢𝐠𝐡𝐞𝐫-𝐦𝐚𝐫𝐠𝐢𝐧, wholly owned AI infrastructure. ➤ Anthropic partnership reinforces growing demand for large-scale 𝐀𝐈 𝐝𝐚𝐭𝐚 𝐜𝐞𝐧𝐭𝐞𝐫 capacity. 👉 𝐄𝐱𝐩𝐞𝐫𝐭 𝐒𝐭𝐚𝐭𝐞𝐦𝐞𝐧𝐭: ➤ "The Anthropic lease validates our strategy and establishes a long-duration revenue stream with one of the world's leading AI companies. The lease provides approximately $19 billion of contracted lease revenue over its initial term, creates a framework for future expansion, and demonstrates the value of our ability to source power, develop infrastructure, and secure long-term customer commitments." — 𝐏𝐚𝐮𝐥 𝐏𝐫𝐚𝐠𝐞𝐫, Chairman and Chief Executive Officer of TeraWulf. ➤ "At the same time, the sale of our ownership interest in Abernathy to a group led by Fluidstack crystallizes the value created through that investment and generates significant capital for redeployment into infrastructure platforms where we maintain direct ownership, customer relationships, and operational control." — 𝐏𝐚𝐮𝐥 𝐏𝐫𝐚𝐠𝐞𝐫, Chairman and Chief Executive Officer of TeraWulf.

🚨 $NBIS is opening a data center in Madrid, Spain. I just found evidence that Nebius is launching a colocation facility in Madrid after digging through the company’s job listings. They’re currently hiring a Data Center IT Manager to work on-site there.

Meta Compute: Everyone Wants To Be A Cloud Zuck Takes Plan B? SpaceX 2.0, Bedrock 2.0, MSL Isn't Giving Up, Scaling RecSys by 10x... ClusterMAX ranking coming soon? newsletter.semianalysis.com/…

*TRUMP: I THINK AI IS BIGGER THAN THE INTERNET

$nbis, $meta, $crwv, $orcl Mstanley out tonight w/ clarifying comments re: bb report. Tldr: If meta does sell compute, it will be as a bare-metal offering of spare internal 1P capacity (not 3rd party-leased) to serve as an "eps bridge" while they develop their core products. What's key is ms doesn't believe meta can or wants to compete as a full-service stack, since their models are limited & they don't have the expertise, software, or salespeople to service specialized, high-touch enterprise inference markets (precisely the markets $nbis, for instance, seeks to serve). MS suggests meta is not contractually-allowed to resell any of their 3P leased raw silicon from nbis, crwv, orcl, etc., Believes they will save their cutting-edge contracted capacity (e.g., the nebius 12B Vera Rubin order), for internal use. Net/net: If meta does enter the compute market it will be as a stopgap, and in the bare-metal, older chip market. A minor supply addition, at best; least threatening, arguably, to nebius of all the neo's; and all this only assuming a backdrop where the compute supply were to materially loosen.