TeraWulf's shares fell over 7% on Tuesday after New York Governor Kathy Hochul signed an executive order temporarily pausing new environmental permits for large-scale data centers for up to one year. The Department of Public Service will use this period to complete a Generic Environmental Impact Statement, establishing standards for future projects based on energy demand, water use, and air quality assessments.
The stock closed at $19.41, down 7.08%, though the company stated its existing operations remain unaffected. Chief Strategy Officer Kerri Langlais confirmed that the Lake Mariner campus is fully operational and its expansion supporting Fluidstack and Google remains permitted, while the Lake Hawkeye development timeline is unchanged. CEO Paul Prager called the order a positive step, noting that the company is evaluating on-site power generation aligned with the governor’s priorities.
TeraWulf continues its pivot from bitcoin mining to AI and high-performance computing. Last week, it signed a 20-year lease agreement with Anthropic for a Kentucky campus expected to generate roughly $19 billion in contracted revenue. In the first quarter of 2026, HPC lease revenue surpassed digital asset mining revenue for the first time, reaching $21 million out of $34 million total quarterly revenue.
