Bitcoin mining company TeraWulf announced Monday it has entered into a 20-year lease agreement with artificial intelligence company Anthropic, a deal the company says is expected to generate approximately $19 billion in contracted revenue. The announcement pushed TeraWulf’s stock up more than 10% during early morning trading.
The agreement represents a major step in TeraWulf’s ongoing effort to reduce its dependence on bitcoin mining and build a more stable revenue base through AI customers — a strategic shift the company first signaled in May.
Here are the key details of the deal:
The Anthropic lease is tied to a purpose-built AI infrastructure campus located at TeraWulf’s Justified Data site in Hawesville, Kentucky. The facility is designed to support approximately 401 megawatts of critical IT load. Initial capacity is expected to come online during the second half of 2027, with the campus reaching full capacity by early 2028.
In a separate but related move, TeraWulf also announced it has agreed to sell its 50.1% ownership stake in the Abernathy joint venture to an investor group led by partner Fluidstack. The company said the sale will recoup its roughly $450 million investment at a premium over what was originally put in, while also freeing up capital to invest in AI infrastructure projects it fully owns.
Prior to Monday’s surge, TeraWulf shares had already climbed about 85% so far this year.
