TeraWulf agreed to lease data center capacity to Anthropic for 20 years. Wall Street reacted the way it does when a company converts speculative infrastructure into a locked-in cash flow: shares jumped roughly 13% on July 6.
The lease covers space at TeraWulf’s Justified Data Campus site in Hawesville, Kentucky, and is projected to generate approximately $19 billion in contracted revenue over its term. For a company that started as a bitcoin miner running opportunistic power contracts, a two-decade commitment from a frontier AI lab is a fundamentally different kind of business.
The campus is designed for roughly 401 megawatts of critical computing load. It will be phased in across multiple stages. TeraWulf expects the first phase to go live in the back half of 2027 and the full build to be finished by early 2028, according to Yahoo Finance.
The lease is expected to carry investment-grade backing, a structural detail that matters as much as the headline dollar figure, since it signals a payment stream stable enough to finance against rather than a press-release promise.
TeraWulf CEO Paul Prager described the agreement as a landmark for the company, pointing to the durable revenue it locks in and the case it makes that TeraWulf can win business from major AI developers. That framing matters for a stock that has traded for years on bitcoin price swings rather than long-term utilization contracts.
TeraWulf separately exited its majority position in the Abernathy joint venture, selling the 50.1% stake to a Fluidstack-led investor group for approximately $450 million, above its original invested capital. The 168 MW project in Texas continues under Fluidstack’s control. Prager said the sale frees up capital for TeraWulf to build infrastructure it owns outright rather than share through a joint venture.
The Anthropic deal fits a pattern among frontier AI labs securing power and building capacity years before they need it. Anthropic is not buying GPUs here. It is buying megawatts and a building, locking in capacity through the late 2040s at terms set today rather than whatever the market clears at closer to deployment. Long-dated leases like this one shift the risk of power scarcity off the AI lab’s balance sheet and onto whoever built the site.
TeraWulf is one of several former bitcoin miners that pivoted toward AI data center leasing. Mining margins compressed and hyperscalers ran short of buildable capacity near cheap power and open grid interconnects. Core Scientific and Cipher Mining have pursued similar conversions, trading crypto-cycle volatility for contracted AI tenancy. What sets this lease apart is duration: 20 years is longer than most corporate real estate commitments, and investment-grade backing suggests the counterparty is willing to underwrite that horizon.
For TeraWulf, the near-term read is simple: a former bitcoin miner now holds close to $19 billion in contracted AI revenue and fresh cash from the Abernathy sale to fund infrastructure it owns outright. For anyone tracking the broader compute market, the more useful signal is the term length itself. When a lab is willing to back a lease that runs into the 2040s with investment-grade credit, it is telling the market it expects compute demand to keep growing well past this generation of models.
TeraWulf’s stock move and the Anthropic and Abernathy deal terms were reported by Yahoo Finance on July 6, 2026.
