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TeraWulf shares rose after the Bitcoin miner signed a 20-year AI data center lease with Anthropic and agreed to sell its majority stake in a separate Texas joint venture.
The transactions push TeraWulf further into AI infrastructure, where power-backed data center sites have drawn investor interest.
Anthropic Lease Covers 401 MW in Kentucky
TeraWulf said Anthropic will lease a purpose-built AI infrastructure campus at its Justified Data site in Hawesville, Kentucky. The lease is expected to generate about $19 billion in contracted revenue over the initial 20-year term.
TeraWulf said the agreement is expected to be supported by investment-grade credit. The Kentucky campus is designed for about 401 megawatts of critical IT load.
Initial capacity is expected to enter service in the second half of 2027, with the site expected to reach full capacity by early 2028. The deal gives TeraWulf a long-term AI customer at a site it acquired earlier this year. It also gives Anthropic access to power-backed infrastructure needed to train and run AI systems.
Abernathy Sale Monetizes $450M Investment
TeraWulf also agreed to sell its 50.1% stake in the Abernathy Joint Venture to an investor group led by Fluidstack. The Abernathy project was formed in 2025 to develop a 168 MW AI data center campus in Texas.
Fluidstack, TeraWulf’s partner in the venture, will continue leading the project after the sale closes. TeraWulf said the transaction will monetize its roughly $450 million investment at a premium to invested capital.
The company plans to redeploy the proceeds into AI infrastructure projects it owns directly. That matters for the company’s strategy. TeraWulf is choosing to recycle capital out of a joint venture and into sites where it controls ownership, operations and customer relationships.
Mining Sites Become AI Infrastructure Assets
The announcement comes as Bitcoin miners try to turn power assets into AI infrastructure businesses. Crypto mining sites already have grid connections, land, power arrangements and cooling experience.
Those assets can be useful for AI data centers, even though AI workloads require different equipment and higher capital spending.
For TeraWulf, the Anthropic lease gives investors a clearer revenue line than Bitcoin mining alone can provide. The Abernathy sale also gives it fresh capital for projects it wants to own outright.
2027 Kentucky Buildout Becomes Execution Test
TeraWulf still has to deliver the Kentucky campus on schedule. The company also needs to show that its AI pipeline can support the shift away from mining-led revenue.
Execution now shifts to bringing initial Anthropic capacity online in the second half of 2027 and converting the wider AI infrastructure pipeline into recurring revenue.
