TeraWulf jumps on $19 billion data center lease deal with Anthropic

TeraWulf announced a 20-year lease with Anthropic for data center infrastructure, a deal expected to generate about $19 billion in contracted revenue. The agreement is strategically important because it gives the bitcoin miner long-term recurring AI-related revenue as it shifts away from dependence on crypto mining. The lease covers a purpose-built AI campus in Hawesville, Kentucky, with about 401 megawatts of critical IT load, with initial capacity slated for the second half of 2027 and full capacity by early 2028. TeraWulf also agreed to sell its 50.1% stake in the Abernathy joint venture, monetizing about $450 million of investment and freeing capital for wholly owned AI infrastructure. Shares jumped more than 16% premarket and had already gained about 85% year to date, underscoring strong market enthusiasm for the pivot to AI infrastructure.