TeraWulf Announces Major $19B Anthropic Lease, Expands AI Operations
TeraWulf has secured a 20-year, $19 billion lease with Anthropic for an AI campus in Kentucky, marking a major expansion of its operations. This significant investment highlights the growing demand for AI computing power and TeraWulf's position as a key player in the market.
TeraWulf WULF shares jumped 17% after the company signed a 20-year lease with Anthropic for a 401 MW data campus in Hawesville, Kentucky, a deal expected to generate roughly $19 billion in contracted revenue over the initial term. Initial capacity is slated to come online in the second half of 2027, ramping to the full 401 MW by early 2028.
The lease marks TeraWulf's decisive pivot from Bitcoin mining toward AI infrastructure. Alongside the Anthropic deal, the company agreed to sell its 50.1% stake in the Abernathy joint venture to an investor group led by partner Fluidstack, monetizing roughly $450 million of invested capital at a premium and freeing capital for wholly owned AI infrastructure projects.
Market analysts point to TeraWulf's 95% year-to-date share-price gain and its confidence in sustained AI compute demand as reasons the deal could re-rate the stock, while skeptics flag the risks of a small-cap power operator now committing two decades of capacity to a single tenant.
The deal underscores how AI labs like Anthropic are locking up long-duration power and data-center capacity years in advance, a trend also visible in the growing wave of hyperscaler leases across the sector.
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