TeraWulf has secured one of the largest artificial intelligence infrastructure agreements announced by a former Bitcoin mining company, signing a 20-year lease with Anthropic for approximately 401 megawatts of AI data center capacity. The agreement is expected to generate roughly $19 billion in contracted revenue over the initial lease term, marking a significant milestone in the company’s transformation from Bitcoin mining to AI-focused digital infrastructure.
The project will be developed at TeraWulf’s Justified Data campus in Hawesville, Kentucky. Construction will occur in multiple phases, with the first capacity expected to come online during the second half of 2027. The full 401 MW campus is scheduled to reach operational capacity by early 2028. The long-term lease provides TeraWulf with a predictable revenue stream while reinforcing the growing demand for large-scale AI computing infrastructure.
Expanding Beyond Bitcoin Mining
The agreement highlights how Bitcoin mining companies continue to diversify their businesses as demand for AI computing accelerates. Many miners already control access to large power supplies, cooling systems, and high-capacity electrical infrastructure, making their sites attractive for AI data center development.
Key aspects of the transaction include:
- A 20-year lease covering approximately 401 MW of AI infrastructure capacity.
- Estimated contracted revenue of about $19 billion over the initial lease term.
- Initial operations expected in the second half of 2027.
- Full campus deployment targeted for early 2028.
Strategic Capital Reallocation
Alongside the Anthropic agreement, TeraWulf announced it will sell its 50.1% ownership stake in the Abernathy Joint Venture in Texas to an investor group led by Fluidstack. The company said the transaction monetizes approximately $450 million of prior investment and will allow it to redeploy capital toward AI infrastructure projects where it maintains direct ownership and operational control.
The combination of the Anthropic lease and the Abernathy divestiture signals TeraWulf’s continued shift toward becoming a long-term AI infrastructure operator rather than relying primarily on Bitcoin mining. Investors welcomed the announcement, with shares moving sharply higher following the news as the market reacted to the scale of the contracted revenue and the company’s expanding presence in the fast-growing AI data center sector.
