TeraWulf Rises 4% After Q3 Beat and Google-Backed Anthropic Lease; IREN Surges 17%, Cipher Digital Climbs 6%

A broad rebound in AI infrastructure stocks is lifting TeraWulf (NASDAQ:WULF) after the former crypto miner posted third-quarter results that exceeded estimates, though it’s trailing its fastest-moving peers. TeraWulf stock is at $10.44, up 4%, as the session gets underway. That gain arrives after a 30% slide over the past month.

Most of TeraWulf’s revenue now comes from leasing data center space to AI customers, and this week delivered two developments that support that shift, with the company’s Kentucky lease with Anthropic gaining credit support from a far larger partner alongside its quarterly results.

TeraWulf’s Q3 Beat Leans on Lease Growth and a Large Accounting Gain

TeraWulf reported Q3 2026 results before the open on November 6, posting revenue of $76.23 million against the $63.34 million analysts expected. Against $50.58 million a year earlier, the company’s revenue rose 50.7%, and its high-performance computing (HPC) lease revenue reached $62.99 million, or 83% of the total. TeraWulf lost $0.03 per diluted share, far smaller than the $0.375 loss analysts had forecast, according to its third-quarter earnings release.

A $728.44 million non-cash gain on warrant and derivative liabilities, plus a $95 million gain on the Abernathy joint venture sale, drove those reported figures. Without those items, TeraWulf’s quarter looked weaker: the company’s operating loss was $88.2 million, and adjusted EBITDA came in at negative $12.8 million. That EBITDA figure still improved from negative $18.3 million in Q2 2026.

Google’s Backstop Cuts Counterparty Risk on TeraWulf’s Anthropic Lease

Reuters reported on November 4 that TeraWulf secured a credit backstop from Google parent Alphabet (NASDAQ:GOOGL | GOOGL Price Prediction) for its Anthropic data center project. The 20-year lease covers 401 megawatts at TeraWulf’s Justified campus in Kentucky and carries $19 billion of contracted revenue. During the earnings call, TeraWulf executive Patrick Fleury stated that Google’s support backstops Anthropic’s obligations through either a mandatory lease assumption or a debt-reducing termination payment.

That structure matters. AI data center financing and political pushback have weighed on the group, and an investment-grade backstop lowers counterparty risk on one of TeraWulf’s largest contracts. CEO Paul Prager noted that “Google’s credit support materially strengthens the financing profile” of the project. Phased deliveries are scheduled from late 2027 through Q2 2028.

IREN and Cipher Digital Outrun TeraWulf in the AI Hosting Rebound

Shares of AI hosting companies were hammered earlier this week on worries that Democratic control of Congress and new governors could slow U.S. data center construction. Selling pressure is easing as TeraWulf and its peers bounce together, and some of the move may be a technical rebound after a steep slide. Support came from the U.S. adding 165,000 jobs in October, well above expectations, while unemployment ticked down to 4.1%.

IREN (NASDAQ:IREN) stock is at $21.07, up 17%, leading the group. That surge follows a 49% drop over the past month. The company reported Q1 FY2027 results on November 5 after the close, with AI cloud revenue of $200 million and operating annualized recurring revenue (ARR) that doubled to $1 billion.

Cipher Digital (NASDAQ:CIFR) stock is at $5.91, up 6%. Over the past month, Cipher Digital stock has fallen 62%, the largest drop among these names. Applied Digital (NASDAQ:APLD) is also part of this AI hosting group. Measured against these peers, TeraWulf is the laggard despite its beat.

TeraWulf’s Landlord Model Sets It Apart From IREN

TeraWulf acts mainly as a landlord, building powered data halls and leasing them to AI tenants on long contracts, with the tenant supplying its own computing gear. IREN takes a different path by owning chips and selling cloud computing directly, which brings faster revenue growth along with greater capital needs and exposure to hardware pricing. Closer to TeraWulf’s approach is Cipher Digital, which also signs long-term leases, though its rent stream is at an earlier stage, and for TeraWulf the landlord approach trades upside from chip rentals for steadier contracted cash flow once buildings come online.

What’s Next for TeraWulf’s Kentucky Build-Out

TeraWulf now faces the question of whether CB-4 rent begins on schedule in November and December, with CB-5 following in Q1 2027. Bulls point to the Google backstop and $27 billion of contracted revenue across TeraWulf’s platform. Bearish concerns center on interest expense of $53.6 million, up from $9.8 million a year earlier, plus net debt of $3.4 billion and earnings that swing with warrant values.

Watch for TeraWulf’s updates on project-level debt at Justified and on the durability of the AI infrastructure rebound. How the Justified project financing settles is worth tracking. The landlord model is one slice of the AI buildout; we featured seven suppliers across electricity, thermal management, and networking riding the same wave in a free report on the picks-and-shovels side of AI.

Contact [email protected] for any questions or corrections.