TeraWulf Leases AI Data Center for $19B and Rebrands as AI Landlord

WULF has signed a 20-year lease with Anthropic at its Justified Data campus in Hawesville, Kentucky, expected to generate roughly $19 billion in contracted revenue over the initial term. The site is planned for about 401 megawatts of critical IT load, built out in phases, with initial capacity expected in service in the second half of 2027 and the full footprint ramping by early 2028. Alongside the lease, TeraWulf also agreed to sell its 50.1% stake in the Abernathy joint venture, a 168-megawatt Texas AI campus, to an investor group led by Fluidstack, monetizing its roughly $450 million investment at a premium and freeing up capital to redeploy into wholly owned AI infrastructure.

The Anthropic deal cements TeraWulf's pivot from bitcoin mining toward what analysts have started calling an AI landlord model, leasing power and data-center capacity to AI labs rather than running mining rigs itself. With the new contract, TeraWulf's AI order book across three tenants now totals roughly $27 billion in contracted revenue, and the Anthropic agreement carries two five-year renewal options that could extend the relationship out another decade. Wall Street responded with a wave of price-target increases: Bernstein reiterated its Outperform rating and $36 target, implying as much as 70% upside, while Rosenblatt lifted its target to $30 from $27 and Needham raised its target to $33 from $28.

Despite the bullish analyst reaction, TeraWulf shares gave back most of their initial pop the following session, falling roughly 8-9% on July 7 in a move several outlets attributed to profit-taking amid a broader pullback across AI-infrastructure names. The stock remains up sharply for the year even after the pullback. Investors should watch execution on the multi-phase Kentucky build-out, whether the Abernathy sale to Fluidstack closes on the disclosed terms, and whether the growing order book steadies trading as the market digests the scale of TeraWulf's shift away from mining.

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