TeraWulf signs US$19B Anthropic AI deal

• TeraWulf signed a 20-year AI data centre lease with Anthropic expected to generate about US$19 billion in contract revenue.
• The company also agreed to sell its majority stake in an AI joint venture to fund wholly owned AI infrastructure projects.
• TeraWulf shares rose about 12% after the announcements as it continued shifting beyond Bitcoin mining.

TeraWulf (NASDAQ:WULF) signed a 20-year lease with Anthropic for a purpose-built artificial intelligence data centre that the company said is expected to generate about US$19 billion in contract revenue.

The agreement covers TeraWulf's Justified Data campus in Hawesville, Kentucky, which is designed to support 401 megawatts of critical IT capacity, with initial operations expected in the second half of 2027 and full completion targeted for early 2028.

TeraWulf also agreed to sell its 50.1% stake in the Abernathy AI data centre joint venture to an investor group led by Fluidstack, with the company expecting to recover its approximately US$450 million investment for reinvestment into wholly owned AI infrastructure projects.

The announcements continue TeraWulf's strategy of expanding beyond Bitcoin (CRYPTO:BTC) mining into artificial intelligence infrastructure, and following the announcement TeraWulf shares were up about 12% in morning trading.

Growing demand for AI computing has encouraged several Bitcoin miners to repurpose power-rich sites for high-performance computing, although analysts estimate the sector may require about US$50 billion in additional capital to build AI data centres.

The latest deal follows similar industry moves, including HIVE Digital Technologies (NASDAQ:HIVE) signing a US$220 million AI infrastructure agreement with Cohere and IREN (NASDAQ:IREN) acquiring Spanish data centre developer Nostrum Group to expand its AI operations in Europe.

At the time of reporting, Bitcoin price was $63,950.35.