📌 TeraWulf has signed a 20-year data center agreement with Anthropic, projecting approximately $19 billion in revenue.

📌 The Kentucky campus will have a capacity of approximately 401 MW. Initial deliveries are expected to begin in the second half of 2027.

📌 However, there is a critical gap in the official filing: Anthropic's payments are expected to be secured with "investment-grade credit," but the company providing this support has not yet been announced.

📌 According to management statements, Anthropic's hardware options include Nvidia GPUs, Amazon Trainium, and Google TPUs.

📌 The chosen technology provider is also expected to provide credit support for the project's financing structure.

Here's the real question the market is asking:

"The contract looks good, but who will back it up with the balance sheet?"

A strong backer like $NVDA, $AMZN, or $GOOGL:

→ Reduces financing costs

→ Makes it easier for banks to fund the project

→ Strengthens the viability of the $19 billion contract

This decision isn't just important for $WULF.

It could also set a new financing precedent for miner-to-AI companies like $IREN, $CIFR, and $APLD.

My view:

The main reason for the pressure on Neocloud and AI infrastructure stocks isn't a lack of demand.

The market is no longer just looking at the size of the deal:

Who is providing the credit?

Who will finance CapEx?

Whose balance sheet will bear the hardware risk?

That's why Anthropic's decision to be a hardware and credit backer is one of the most important catalysts for the sector going forward.

If Nvidia is chosen, it becomes even more apparent that NVDA will transform into a player that not only sells chips but also facilitates the financing of its own ecosystem.

GPU → HBM → Optical → Energy → Data Center → Financing

This is the next link in the chain. Mark your calendars. 🗓️