TeraWulf Signs $19 Billion AI Data Center Lease With Anthropic

Bitcoin miner TeraWulf signed a 20-year lease with Anthropic to build an artificial intelligence data center. The company estimates the deal will generate roughly $19 billion in revenue over its full term.

What happened

The deal was announced Monday. Anthropic will occupy a purpose-built campus at TeraWulf's Justified Data site in Hawesville, Kentucky. The facility is expected to support about 401 megawatts of computing capacity.

The first phase is set to come online in the second half of 2027, with the site reaching full capacity by early 2028. TeraWulf said the lease is expected to be supported by an investment-grade credit rating, a rare feature for a deal of this size in the mining sector. It ranks among the largest deals of its kind among mining companies looking to diversify revenue beyond coin production.

Who is involved

TeraWulf has traditionally been known for mining Bitcoin, but the company has been pivoting toward AI infrastructure as demand for computing power used to train large language models keeps climbing.

Anthropic, the company behind the Claude chatbot, is one of several players racing to lock in long-term power and data center capacity as it scales up its models. A fixed long-term lease gives mining companies steadier income than block rewards, which swing with network difficulty and the price of Bitcoin.

Deal details

Separately, TeraWulf is selling its 50.1% stake in the Abernathy Joint Venture, a Texas data center project it developed with partner Fluidstack. The buyer is an investor group led by Fluidstack itself, which will now take sole leadership of the project. The sale monetizes TeraWulf's roughly $450 million investment at a premium to invested capital.

"When we announced the Justified Data campus acquisition in February, we told investors that we expected to secure a major customer commitment by around the end of the second quarter of 2026. The timing of today's announcement reflects the completion of final documentation and customary transaction processes, and we are proud to announce this landmark partnership with Anthropic."

- Paul Prager, Chairman and CEO of TeraWulf, from a company statement dated July 6, 2026

• The Justified Data site is expected to support about 401 megawatts of capacity.
• The first phase is scheduled for the second half of 2027.
• The Abernathy stake sale monetizes roughly $450 million of TeraWulf's investment.
• Fluidstack will lead the Texas project on its own once the deal closes.

Market reaction

TeraWulf (WULF) shares jumped nearly 14% to $24.05 right after the news. The optimism spread across the rest of the mining sector: IREN gained more than 13%, Hut 8 rose 12%, and Cipher Digital added 11%. Even Keel Infrastructure, formerly known as Bitfarms and now fully out of Bitcoin mining in favor of AI infrastructure, climbed 10%.

The rally shows the market is increasingly pricing mining companies as suppliers of computing power for the AI industry. TeraWulf acquired the Justified Data site back in February and promised investors a major contract by the end of the second quarter. The Anthropic deal delivered on that promise, just a few days past the stated deadline.