TeraWulf shares jumped as much as 19% on Monday before closing up about 4% after the company announced a 20-year lease with Anthropic. The agreement puts the former bitcoin-focused miner deeper into the AI infrastructure business, where long-term rental income is starting to outweigh the economics of mining.
Kentucky campus to deliver 401 megawatts in phases
The lease covers TeraWulf’s Justified Data campus in Hawesville, Kentucky. The site is expected to provide about 401 megawatts of computing capacity, built out in stages. The company said first power is expected in the second half of 2027, with the full campus running by early 2028.
TeraWulf said the contract should generate roughly $19 billion in contracted revenue over its initial term and described the arrangement as supported by investment-grade credit. That figure stands above the company’s current market value of about $12 billion. TeraWulf stock is already up more than 80% this year.
Mining pressure after the halving pushed the pivot
TeraWulf started as a bitcoin miner, operating fleets of specialized machines to earn newly issued BTC. Last year’s halving cut mining rewards in half, tightening margins across the sector. That pressure has pushed miners toward AI hosting, where one large tenant on a long lease can produce steadier cash flow than the swings tied to bitcoin mining.
The company still runs a bitcoin mining business, but the Anthropic lease and its broader data-center pipeline now carry more weight in how investors may view the business. Power access, owned sites, and contract visibility are becoming central parts of the story.
Texas joint-venture sale brings in fresh capital
TeraWulf also said it will sell its entire 50.1% stake in the Abernathy data-center joint venture in Texas to a group led by partner Fluidstack for about $530 million. The company said the sale monetizes roughly $450 million of invested capital at a premium and frees cash for expansion at data centers it owns outright.
The transaction lines up with a broader shift tracked this year. As of March 2026, bitcoin miners had sold more than 15,000 BTC from peak holdings and signed over $70 billion in AI computing contracts, according to CoinDesk, as they pursued more stable margins outside traditional mining.
Bitcoin slipped while TeraWulf outperformed
TeraWulf’s rally came on a weaker day for bitcoin. BTC fell toward $61,900 on Monday after Strategy disclosed the sale of 3,588 BTC for about $216 million. That was far above the 32 BTC it sold weeks earlier.
The split was clear: bitcoin softened, while a miner tied to AI infrastructure moved sharply higher. Investors appeared to focus on the value of long-duration computing leases and owned power capacity rather than on mining exposure alone.