TeraWulf secures $19 billion 20-year lease with Anthropic for computing capacity, driving Bitcoin mining stocks higher.
Macro & Markets ·
TeraWulf inked a 20-year lease agreement with Anthropic to operate a roughly 401 megawatt AI data center campus in Hawesville, Kentucky, structured to generate approximately $19 billion in revenue. The first phase is scheduled to come online in the second half of 2027, with full capacity expected by early 2028. TeraWulf shares jumped nearly 14% on the announcement, while other Bitcoin mining stocks including IREN, Hut 8, and Cipher Digital also climbed, signaling broader sector confidence in the AI compute pivot.
The deal reflects TeraWulf's strategic shift from Bitcoin mining toward AI infrastructure as demand for computing capacity accelerates. The company simultaneously divested its 50.1% stake in the Abernathy Joint Venture, a Texas data center project with Fluidstack, monetizing roughly $450 million of invested capital at a premium. Anthropic, developer of the Claude chatbot, is among multiple major AI firms securing long-term data center and power commitments to scale operations.
What remains unclear is the precise revenue recognition timeline, how the investment-grade credit rating will be structured, and whether other major AI companies will follow with similar infrastructure agreements with Bitcoin miners pivoting to compute.