Bitcoin mining company TeraWulf (NASDAQ: WULF) announced a landmark 20-year lease agreement with AI developer Anthropic, valued at a total of $19 billion. The news sent TeraWulf shares soaring 17.47% in pre-market trading to $24.88. The deal marks a dramatic pivot for the former crypto miner, highlighting how power-rich mining facilities are becoming the hottest real estate in the AI arms race.
Anthropic Secures 400 MW Kentucky Facility, Delivery in H2 2027
According to CNBC, Anthropic will lease TeraWulf’s massive data center in Hawesville, Kentucky, which boasts 400 megawatts (MW) of power capacity. The facility is expected to come online in the second half of 2027 and will be dedicated to supporting the compute needs of Anthropic's Claude AI models. Over the 20-year initial term, TeraWulf stands to book a steady $19 billion in revenue.
TeraWulf CEO Paul Prager said in a statement: “The Anthropic lease perfectly validates our transformation strategy and establishes a long-term, stable revenue stream with one of the world’s leading AI companies.”
Dual Move: Selling 50% Stake in Texas Plant for Cash
On the same day, TeraWulf also announced it is selling a 50% equity stake in its 168 MW data center in Abernathy, Texas, to an investor group led by Fluidstack. The move is designed to quickly free up capital for the larger Anthropic project.
From Bitcoin Miner to AI Landlord: Stock Up Over 80% This Year
TeraWulf shares rose more than 16% in pre-market trading before settling at a 17.47% gain. The company’s pivot from bitcoin mining to AI data center infrastructure has fueled a year-to-date rally of over 80%. The deal underscores a broader industry shift: as AI models demand exponentially more computing power, traditional grid expansion can’t keep pace. Bitcoin miners, with their pre-built substations and massive power allocations, have become the go-to landlords in the AI gold rush.