TeraWulf signed a 20-year lease with Anthropic for its Justified Data campus in Hawesville, Kentucky, a deal expected to generate approximately $19 billion in contracted revenue over the initial term. The announcement sent TeraWulf shares up more than 17% on the day — a striking outcome for a company that started life as a Bitcoin miner.

The scale of the campus. Justified Data is expected to support roughly 401 megawatts of critical IT load once fully built. Initial capacity comes online in the second half of 2027, with the site reaching full capacity by early 2028. That timeline matters: this is a multi-year commitment, not a near-term revenue bump, and the $19 billion figure averages out to roughly $950 million a year across the lease term, with actual cash flows depending on phased delivery and escalation terms.

The dominant worry about the AI buildout is a timing mismatch: roughly $700 billion of hyperscaler capital expenditure committed in 2026, against application revenues that critics call nascent. The bear frames this as a financing problem waiting to happen. The bull case is narrower and more mechanical, and it is worth stating in its strongest form: the capex curve and the revenue curve are shaped to cross, and the crossover is arriving now rather than at the end of the decade.

At 5:21pm Eastern on Friday, Anthropic received a directive from the U.S. government ordering it to suspend all access to its two most capable models, Fable 5 and Mythos 5, for any foreign national — inside or outside the country, including the company’s own foreign-born employees. Because no consumer AI company can sort its users by nationality in real time, the practical effect was a hard kill switch. By the time most people noticed, both models were already dark for everyone.

On June 12, Space Exploration Technologies Corp. lists on the Nasdaq under the ticker SPCX. The offering is already oversubscribed. It is priced at a fixed $135 per share with no bookbuilding range — a deliberate break from convention that tells you the company believes demand exceeds anything price discovery would surface. SpaceX is selling roughly 555.6 million shares to raise $75 billion at a $1.75 trillion valuation, more than twice Saudi Aramco’s 2019 record and the largest IPO in market history by a wide margin. Morningstar’s independent fair value estimate is $780 billion. The 55% gap between those two numbers is not a footnote. It is the entire question, and on June 12 it stops being theoretical for everyone holding a Nasdaq index fund.