TeraWulf Signs 20-Year AI Data Center Deal With Anthropic
The Bitcoin miner expects to generate approximately $19 billion in contracted lease revenue while accelerating its expansion into AI infrastructure.
The growing demand for artificial intelligence infrastructure is opening new opportunities for Bitcoin mining companies, and TeraWulf has taken one of its biggest steps yet into the sector.
The company announced on July 6 that it has signed a 20-year lease agreement with AI firm Anthropic, a deal expected to generate approximately $19 billion in contracted lease revenue over its initial term. At the same time, TeraWulf is reshaping its business by exiting a separate AI joint venture and redirecting capital toward infrastructure projects it fully owns.
The announcement was well received by investors, with TeraWulf shares rising about 10% in morning trading, extending the stock’s roughly 101% year-to-date gain, according to Yahoo Finance data.
Anthropic to Lease Kentucky AI Campus
Under the agreement, Anthropic will lease a purpose-built AI data center campus located at TeraWulf’s Justified Data site in Hawesville, Kentucky.
The facility, which TeraWulf acquired in February, is being developed to deliver 401 megawatts (MW) of critical IT capacity. Initial operations are expected to begin during the second half of 2027, while the full campus is scheduled for completion in early 2028.
The long-term lease provides TeraWulf with predictable revenue while strengthening its position in the rapidly expanding AI infrastructure market.
Commenting on the agreement, Paul Prager, Chairman and Chief Executive Officer of TeraWulf, said:
“The Anthropic lease validates our strategy and establishes a long-duration revenue stream with one of the world’s leading AI companies. The lease provides approximately $19 billion of contracted lease revenue over its initial term, creates a framework for future expansion, and demonstrates the value of our ability to source power, develop infrastructure, and secure long-term customer commitments.”
Company Sells AI Joint Venture Stake
Alongside the Anthropic announcement, TeraWulf revealed plans to sell its 50.1% ownership stake in the Abernathy AI data center joint venture in Texas.
The stake will be acquired by an investor group led by existing partner Fluidstack. According to the company, the transaction is expected to return its approximately $450 million investment, capital that will be redirected into AI infrastructure assets under TeraWulf’s complete ownership.
By concentrating on wholly owned facilities, the company aims to retain greater control over future expansion while capturing more of the long-term value created by AI computing demand.
AI Boom Is Changing the Bitcoin Mining Industry
The agreement reflects a broader trend reshaping the digital asset sector as Bitcoin miners increasingly diversify into AI and high-performance computing (HPC).
Training and operating advanced AI models requires enormous computing resources, including:
- High-performance GPU clusters
- Advanced cooling systems
- Reliable large-scale electricity supplies
- Extensive data center infrastructure
These requirements overlap with many of the assets already controlled by Bitcoin miners, particularly access to large power supplies and established grid connections.
Although AI facilities require specialized hardware that differs from Bitcoin mining equipment, companies with energy-rich campuses are finding themselves well positioned to serve both industries.
Expansion Comes With Significant Costs
Despite the attractive revenue potential, entering the AI infrastructure business requires substantial investment.
Research published in June by Blocksbridge Consulting estimated that publicly traded Bitcoin mining companies pursuing AI opportunities could require around $50 billion in near-term capital. Building AI data centers typically involves significantly higher costs than constructing conventional Bitcoin mining operations because of the computing hardware, cooling systems and supporting infrastructure required.
Even so, several mining companies continue to expand their AI ambitions.
Recent examples include:
- HIVE Digital, which signed a three-year, $220 million agreement to provide GPU cloud infrastructure for AI startup Cohere through Bell Canada’s AI Fabric.
- IREN, which entered the European AI market by acquiring Spanish data center developer Nostrum Group, adding approximately 490 MW of secured, grid-connected power capacity.
These moves illustrate how mining companies are increasingly leveraging their energy expertise and infrastructure to pursue opportunities beyond cryptocurrency production.
A Long-Term Shift Beyond Mining
TeraWulf’s agreement with Anthropic highlights how AI computing is becoming an increasingly important growth driver for companies originally built around Bitcoin mining. Rather than relying solely on cryptocurrency markets, miners are seeking stable, long-duration revenue streams by transforming energy-intensive facilities into AI-ready campuses.
As demand for computing power continues to outpace available capacity, companies with access to reliable electricity and large-scale infrastructure could play an increasingly significant role in supporting the next generation of AI development.
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