TeraWulf just inked a 20-year lease agreement with Anthropic that the company expects to generate roughly $19 billion in contracted revenue. The deal covers the Justified Data AI infrastructure campus in Hawesville, Kentucky, and marks perhaps the most dramatic single-contract validation of a Bitcoin miner’s pivot to artificial intelligence.
The stock reacted accordingly. Shares of TeraWulf (NASDAQ: WULF) surged between 14% and 20% following the announcement.
What the deal actually looks like
The lease covers approximately 401 megawatts of capacity at TeraWulf’s Kentucky campus. First power delivery is scheduled for the second half of 2027. The infrastructure will then ramp up in phases, with full capacity expected by early 2028.
Spread across 20 years, the $19 billion figure works out to roughly $950 million annually in contracted revenue.
