Bitcoin miner TeraWulf (NASDAQ: WULF) rose about 15% in premarket trading on Monday, July 6, 2026, after the company disclosed a 20-year lease tied to AI company Anthropic.
The contract centers on two figures: a 20-year term and 401 megawatts of IT load capacity. The site is the Justified Data campus in Kentucky.
TeraWulf expects the agreement to deliver $19 billion in contracted revenue over the full term, or roughly $1 billion a year across 20 years. That long-dated cash flow outlook appears to have been the immediate catalyst for the stock move.
TeraWulf also sold a Texas JV stake the same day
On the same day it announced the Anthropic deal, TeraWulf also sold an asset.
The company agreed to sell its 50.1% stake in the Abernathy joint venture in Texas for about $530 million to an investor group led by Fluidstack. The project was formed in 2025 and was planned with 168 megawatts of capacity for an AI data center buildout.
The two moves may look different on the surface, but the article frames them as part of the same strategy. The Texas project was a joint venture, which meant shared economics and shared control. The Kentucky development, by contrast, is wholly owned by TeraWulf and now has Anthropic attached as a tenant.
TeraWulf CEO Paul Prager has said publicly that the company’s core strategy is to own and operate infrastructure itself and keep direct control over the long-term development of its campuses. In that context, selling a JV asset at a premium, pulling cash back, and concentrating spending on a fully owned Kentucky site fits the company’s stated approach.
The result is a sharper strategic shift. TeraWulf is no longer being presented mainly as a bitcoin miner. Its focus is moving toward infrastructure built for large AI customers.
A landlord model instead of selling compute
TeraWulf is not the first mining company to chase AI-related revenue. The article names IREN, Core Scientific, and Hut 8 as other miners pursuing the transition.
It describes two main models. One is to buy GPUs, build AI cloud capacity, and rent that compute to customers such as Microsoft, as IREN does. The other is to provide the site and the power while the customer brings its own servers. TeraWulf has chosen the second route.
Under that model, the company is not selling compute. It is leasing AI-ready physical space and power infrastructure, while the tenant handles the server side.
The article argues that AI infrastructure is constrained on two fronts, chips and power, with power representing the harder long-term bottleneck. Large-model training consumes enormous amounts of electricity, while US grid expansion cannot happen quickly. It says transformer lead times are running three to five years and that 30% to 50% of 2026 data center projects will be pushed into 2028.
That helps explain why AI firms are signing long-term build-to-suit leases. In practical terms, they are competing for sites that already have land, power access, and the required approvals.
That is where former bitcoin mining infrastructure becomes valuable. Miners spent years securing land, obtaining grid access, and working through power-related approvals. According to the article, the core value of Anthropic’s $19 billion, 20-year lease is that it locks in TeraWulf’s existing Kentucky land and power position.
Those assets, the article argues, will only become more expensive and harder to secure if they are not locked up early.
A long gap before operating revenue arrives
The $19 billion headline number does not mean the cash flow shows up right away.
The Kentucky campus is expected to deliver its first phase in the second half of 2027, with full operations slated for early 2028. From a July 2026 starting point, that leaves at least a year before TeraWulf can book meaningful operating revenue from the lease.
In the meantime, site grading, facility design, grid work, and cooling installation still require heavy spending. The article links that reality to the Texas asset sale. It says the transaction carries a total value of about $530 million and monetizes roughly $450 million of invested capital.
The report also points to another issue: the long-term value of the contract is tied to Anthropic’s own financial health. Anthropic is one of the leading AI companies, but large-model development is also a cash-intensive race. A 20-year lease demands a tenant with strong staying power.
Public information, the article adds, does not break down the margin profile or cost structure behind the $19 billion figure. In that reading, the market rally was driven more by expectations around future delivery than by near-term earnings.
The piece closes with a blunt conclusion about the mining-to-AI transition. The most valuable assets are no longer the mining machines themselves, but control over land and power. In the end, the competition comes back to a very old business: secure the site and secure the electricity.