Terawulf Secures $19bn Anthropic Deal As Bitcoin Miner Accelerates Transformation Into AI Infrastructure Provider

TeraWulf has taken a major step in its transformation from a cryptocurrency miner into an artificial intelligence infrastructure company, signing a 20-year lease agreement with AI startup Anthropic that is expected to generate approximately $19 billion in contracted revenue over the life of the deal.

The announcement sent TeraWulf's shares more than 10% higher in early trading on Monday, extending a rally that has already seen the stock gain about 85% this year as investors increasingly reward companies repositioning themselves to benefit from the AI boom.

The agreement represents one of the largest long-term infrastructure commitments announced by an AI company and underscores the growing race among model developers to secure dedicated computing capacity as demand for AI services continues to surge.

Under the agreement, Anthropic will lease capacity at TeraWulf's Justified Data campus in Hawesville, Kentucky, where the company is building a purpose-designed AI data center capable of supporting some of the world's most compute-intensive workloads.

The campus will ultimately provide approximately 401 megawatts of critical IT load, placing it among the largest AI-focused data center developments currently under construction in the United States. Initial capacity is expected to become operational during the second half of 2027, with the full campus scheduled for completion in early 2028.

The scale of the project reveals the enormous computing requirements of frontier AI models, which require thousands of advanced graphics processing units (GPUs), vast amounts of electricity and sophisticated cooling infrastructure to train and deploy increasingly powerful systems.

The agreement gives TeraWulf something that has become highly prized across the AI infrastructure sector: long-term, predictable revenue backed by one of the industry's leading artificial intelligence companies.

Unlike bitcoin mining, where revenues fluctuate with cryptocurrency prices, mining difficulty and network rewards, the Anthropic lease provides contracted cash flows spanning two decades.

From Crypto to AI: The Growing Pivot

Cryptocurrency miners, following the emergence of AI, have seen rapidly changing fortunes. Companies that once built extensive power infrastructure to support bitcoin mining are now repurposing those assets for AI data centers, where demand for electricity and high-performance computing has surged as technology companies commit hundreds of billions of dollars to artificial intelligence.

Many miners possess a strategic advantage because they already control access to large amounts of electrical capacity, one of the most significant bottlenecks facing AI infrastructure development.

TeraWulf has been among the companies moving aggressively to capitalize on that opportunity. In May, management said artificial intelligence infrastructure would become an important driver of the business as it diversified away from dependence on bitcoin mining.

Monday's announcement suggests that the transition is now accelerating. Alongside the Anthropic agreement, TeraWulf also announced it will sell its 50.1% stake in the Abernathy joint venture to an investor group led by existing partner Fluidstack.

The transaction allows the company to monetize an investment of roughly $450 million at a premium to the capital originally invested. Management said the proceeds will be redirected toward wholly owned AI infrastructure projects, strengthening its balance sheet while increasing exposure to higher-value data center assets.

The sale also simplifies TeraWulf's corporate structure, allowing the company to focus capital on facilities where it maintains full ownership and operational control.

As competition intensifies with rivals including OpenAI, Google, Meta and xAI, leading AI developers are signing multi-year infrastructure agreements rather than relying solely on third-party cloud providers.

Owning or leasing dedicated AI computing capacity has become a strategic priority as shortages of advanced chips, power, and data center space continue to constrain the industry's growth.

The 401-megawatt campus is expected to host thousands of AI servers powered by advanced graphics processors, providing the computing resources needed to train future generations of Anthropic's large language models and support expanding enterprise demand.

Currently in the digital infrastructure space, facilities originally developed for cryptocurrency mining are emerging as attractive locations for AI computing because they already possess access to high-voltage electricity, industrial-scale cooling systems and large land parcels suitable for expansion.

Analysts see this convergence between cryptocurrency infrastructure and artificial intelligence as one of the defining shifts in the digital infrastructure sector.