WULF ▼ -7.4% - TeraWulf Inc. $WULF CEO Paul Prager rejected comparisons with AI neoclouds, arguing the company operates as an energy infrastructure provider backed by long-term leases and investment-grade credit support. * Business model: Unlike neoclouds that purchase GPUs and resell computing power, TeraWulf owns and operates powered data centers, generating contracted lease income. * Credit protection: Google ($GOOGL) backs Fluidstack's Lake Mariner leases. Prager said an investment-grade credit backstop is also committed for its Kentucky project, where Anthropic signed a 20-year lease worth approximately $19 billion. * Construction: Lake Mariner's CB-4 remains scheduled for Q4 2026 delivery, followed by CB-5 in Q1 2027. Construction costs are tracking around $9 million per MW, within guidance of $8 million–$10 million. * Financing: Prager said TeraWulf raised equity opportunistically earlier this year and can pass higher financing costs to tenants where contracts permit, protecting project economics. * Outlook: Prager maintained that construction remains on schedule and demand is strong, while emphasizing that continued execution is essential. * Wall Street: Morgan Stanley reiterated its Overweight rating and $65 target, arguing the sell-off undervalues existing contracts. 18-OCT-2026 01:38 PM ET