TeraWulf has signed a 20-year lease agreement with Anthropic for AI data center infrastructure expected to generate approximately $19 billion in contracted revenue, marking a major strategic shift for the bitcoin miner as it expands into high-performance computing.
The agreement covers a purpose-built AI infrastructure campus at TeraWulf’s Justified Data site in Hawesville, Kentucky. According to the company, the campus will support about 401 megawatts of critical IT load and will be developed in multiple phases. Initial capacity is expected to come online in the second half of 2027, with the site ramping to full capacity by early 2028.
The lease gives Anthropic long-term access to dedicated infrastructure as demand for AI compute continues to surge. The company, known for its Claude AI models, has been scaling aggressively as AI labs compete for power, chips and data center capacity. For TeraWulf, the deal turns its energy and infrastructure footprint into a long-duration revenue stream that is less directly exposed to bitcoin price volatility.
TeraWulf shares rose after the announcement, with Reuters reporting that the stock gained more than 10% in early trading. The market reaction reflected investor optimism that bitcoin miners with access to large power capacity can reposition themselves as AI infrastructure providers at a time when traditional data center supply remains constrained.
Mining Infrastructure Becomes AI Capacity
The transaction highlights a broader shift across the bitcoin mining sector. Miners built their businesses around securing cheap power, operating large-scale facilities and managing energy-intensive computing workloads. Those same capabilities are now increasingly valuable to AI companies that need power-dense campuses for training and inference.
For years, mining economics were tied closely to bitcoin prices, network difficulty, transaction fees and energy costs. The AI data center model offers a different financial profile. Long-term leases with creditworthy customers can provide more predictable revenue and reduce dependence on block rewards, though they also require heavy capital investment, construction execution and reliable power delivery.
TeraWulf’s agreement with Anthropic is especially notable because of its scale. The $19 billion contracted revenue figure over the initial 20-year term is large relative to the company’s historical mining revenue base and gives investors a clearer basis for valuing its infrastructure assets beyond bitcoin production.
The Justified Data campus also strengthens TeraWulf’s positioning in a competitive AI infrastructure market. Data center developers, neocloud providers, hyperscalers and former crypto miners are all competing to secure power, land, cooling and grid interconnection. In that environment, sites with large available power capacity can command premium long-term commitments.
Capital Recycling Supports Expansion
Alongside the Anthropic lease, TeraWulf announced that it will sell its 50.1% ownership interest in the Abernathy Joint Venture to an investor group led by Fluidstack, its joint venture partner. The Texas project was formed in 2025 to develop a 168-megawatt AI data center campus. TeraWulf said the transaction monetizes its approximately $450 million investment at a premium and frees capital for wholly owned AI infrastructure opportunities.
The two transactions show how TeraWulf is reshaping its business around direct ownership, customer relationships and operational control. Rather than simply hosting miners or participating in joint ventures, the company is trying to build a larger role as an AI infrastructure landlord.
For the crypto market, the deal underlines the changing economics of bitcoin mining after the halving. Lower block rewards, weaker hashprice and rising competition have pressured miners to find new revenue streams. AI hosting has become the most attractive alternative for companies with access to scalable power.
The opportunity is significant, but execution risk remains high. TeraWulf must deliver capacity on schedule, manage construction costs and maintain power reliability over a multi-decade lease. Still, the Anthropic agreement represents a clear validation of the miner-to-AI infrastructure thesis.
For investors, the deal shows that the most valuable asset held by some bitcoin miners may no longer be their mining machines. It may be their access to power.
