The US digital asset mining and infrastructure services provider, TeraWulf, announced on Monday that it has signed a long-term, 20-year data center infrastructure lease agreement with the global top-tier artificial intelligence (AI) unicorn, Anthropic. The deal is projected to generate approximately $19 billion in locked-in contract revenue for TeraWulf over its initial lease term. This move represents a significant strategic step in the company's transition from a traditional cryptocurrency miner into the AI computing infrastructure sector. Boosted by this positive news, TeraWulf's stock surged over 10% at the opening of US markets on Monday, continuing its robust upward trend of more than 85% year-to-date.
According to details disclosed by the two companies, the collaboration will center on TeraWulf's "Justified Data" campus in Hawesville, Kentucky. The partners will jointly develop a dedicated AI infrastructure base at this location, tailored for large-scale model training and inference. The AI computing campus is planned to support a critical IT load of approximately 401 megawatts (MW). The project will be implemented in phases, with the first batch of computing capacity expected to come online and become operational in the second half of 2027. Full capacity, delivering the full 401 MW of power and high-density computing support, is targeted for early 2028.
Shifting from a Cyclical Business
Industry analysts note that traditional cryptocurrency mining operations are highly susceptible to cyclical shocks from Bitcoin halving events and global electricity cost fluctuations. TeraWulf's senior management has previously emphasized that gradually reducing reliance on singular Bitcoin mining and shifting core assets into highly reusable AI infrastructure is a strategic priority to secure long-term, stable, and sustainable recurring revenue. This twenty-year contract with Anthropic not only locks in the monetization value of underlying power and space assets but also, with its investment-grade credit backing, provides solid financial defense and cash flow visibility for the company's future capital-intensive expansion.
Capital Restructuring and Asset Optimization
While restructuring its AI business footprint, TeraWulf is also optimizing its capital structure. The company announced on Monday that it has reached a definitive agreement to sell its 50.1% majority stake in the Abernathy joint venture to an investment consortium led by its existing partner, Fluidstack. This joint venture project, initiated in 2025, aims to build a 168 MW AI data center in Texas. The equity sale not only successfully allows TeraWulf to realize a premium on its approximately $450 million prior capital investment but also promptly recoups significant liquidity. This provides a substantial financial cushion for its subsequent, wholly-owned, and fully controlled domestic AI infrastructure projects.
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