TeraWulf Signs $19B Data Center Lease with Anthropic, Stock Surges

TeraWulf, a bitcoin miner transitioning to AI infrastructure, has signed a 20-year lease with Anthropic for a data center campus in Hawesville, Kentucky, expected to generate $19 billion in contracted revenue.

What happened

TeraWulf announced Monday that Anthropic will lease a purpose-built AI data center at its Justified Data campus in Kentucky. The campus will support about 401 megawatts of critical IT load, with initial operations expected in the second half of 2027 and full buildout by early 2028 Source: CNA. The $19 billion figure represents contracted revenue over the initial term, not upfront payment Source: Gizmodo.

The deal details

Separately, TeraWulf agreed to sell its 50.1% stake in the Abernathy joint venture in Texas to an investor group led by Fluidstack, monetizing its roughly $450 million investment at a premium Source: Cointelegraph. The company plans to reinvest proceeds into wholly owned AI infrastructure projects.

Stock reaction and industry context

TeraWulf shares jumped over 10% in early trading, adding to year-to-date gains of about 85% Source: CNA. The deal highlights the broader pivot of bitcoin miners to AI data centers, leveraging existing power contracts and grid connections. However, analysts note the significant capital requirements for such conversions Source: Cointelegraph. TeraWulf's pivot reflects a strategic shift as bitcoin mining margins tighten. Coindesk noted the lease value exceeds TeraWulf's current market cap of about $12 billion Source: CoinDesk.