The 20-year deal shifts TeraWulf from bitcoin mining to AI infrastructure, locking in long-term revenue starting in 2027.
TeraWulf announced a 20-year data center lease agreement with AI firm Anthropic, expected to generate $19 billion in contracted revenue. The deal marks a strategic pivot from bitcoin mining to AI infrastructure, aligning with the company’s May announcement of this transition as a key growth driver.
The lease covers a purpose-built AI campus in Kentucky, supporting 401 megawatts of IT load, with initial capacity slated for late 2027 and full deployment by early 2028. Separately, TeraWulf agreed to sell its 50.1% stake in the Abernathy joint venture for a premium, freeing up $450 million for AI projects.
Shares surged over 16% in premarket trading following the announcement, adding to an 85% year-to-date gain.