TeraWulf, a bitcoin miner that has remade itself into an AI landlord, signed a 20-year lease with Anthropic to host the AI company at a Kentucky data center, sending its shares up as much as 19% on Monday before they settled to a gain of about 4%.
The lease covers TeraWulf’s Justified Data campus in Hawesville, Kentucky, which will provide about 401 megawatts of computing capacity built out in phases, with the first power expected in the second half of 2027 and the full site running by early 2028, the company said.
TeraWulf expects the deal to generate roughly $19 billion in contracted revenue over its initial term, backed by what it described as an investment-grade credit.
That figure is larger than the entire company. TeraWulf carries a market value around $12 billion, so the lease represents more than the whole business is currently worth in future revenue, a measure of how much the AI buildout is reshaping the economics of companies that once only mined bitcoin. The stock is up more than 80% this year.
Today, TeraWulf announced two strategic transactions that significantly advance our AI infrastructure strategy:
👉 A 20-year lease with @AnthropicAI at our Justified Data Campus
👉 The sale of our 50.1% ownership interest in the Abernathy Joint Venture to an investor group led…— TeraWulf (@TeraWulfInc) July 6, 2026
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