TeraWulf Plugs Into Anthropic

TeraWulf just gave Wall Street a reason to take its bitcoin pivot more seriously. The bitcoin miner turned digital-infrastructure company said Monday it signed a 20-year lease with Anthropic for a purpose-built AI data center campus in Kentucky, a deal expected to generate about $19 billion in contracted revenue over its initial term. Shares closed up about 4.9% Monday at $22.21 and were little changed in early Tuesday trading, as investors looked at TeraWulf’s power-heavy footprint and saw something more useful than another volatile crypto cycle.

The deal gives TeraWulf exactly what its shareholders want to see — a long-term customer, a large power commitment, and a revenue stream tied to one of the better-known names in artificial intelligence. The Justified Data campus in Hawesville, Kentucky is expected to support about 401 megawatts of critical IT load, with initial capacity coming online in the second half of 2027. The campus is expected to ramp to the full 401 MW by early 2028, lining TeraWulf up with a clear path from energy assets and construction plans to actual revenue.

This is happening at a time when former bitcoin-mining names have been trying to convince Wall Street that their access to power is worth more than the coins they can mine with it. AI companies need enormous amounts of electricity, data-center capacity, and speed, while miners already own or control sites built around cheap power and heavy compute loads. TeraWulf is now trying to turn that overlap into a landlord business, where the value is not just crypto exposure but long-term leases with customers that need capacity badly enough to commit years in advance.

The lease may validate the strategy, but it does not erase the waiting period. The $19 billion figure is contracted over two decades, not cash arriving tomorrow. The Kentucky campus still has to be built, energized, and delivered on schedule. TeraWulf also said it is selling its entire 50.1% stake in the Abernathy joint venture to a Fluidstack-led investor group, monetizing roughly $450 million of investment at a premium while putting more focus on its wholly owned portfolio. The Anthropic lease gives TeraWulf the kind of validation miners have been chasing since the AI boom started. For investors, the question becomes whether TeraWulf can turn a signed lease into a functioning campus before the AI power rush moves somewhere else.

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