Weirdly, Windows Terminal does not allow you to create a shortcut – there’s no obvious way to find the executable (normally by right clicking on the icon, then selecting Properties, then open File Location).

Secret Revealed: Open Shells:Appsfolder

Thanks to a post by Scott Hanselman for pointing out that you can do it by the following:

Steps to Create Windows Terminal Shortct

1. Press the Windows Key and R to open the run dialog (Win-R).
2. Type “shell:AppsFolder”, press Enter.
3. This opens a “secret” folder which holds all your app icons.
4. Find the Windows Terminal or other App you want to create a shortcut for, right click and click “Create a shortcut” in the right click menu if you want it created on the desktop. Alternatively, as you are right clicking, drag the icon to the folder you want the shortcut, release, selecting “Create Shortcuts Here”.