TeraWulf, a bitcoin miner that has remade itself into an AI landlord, signed a 20-year lease with Anthropic to host the AI company at a Kentucky data center, sending its shares up as much as 19% on Monday before they settled to a gain of about 4%.
The lease covers TeraWulf's Justified Data campus in Hawesville, Kentucky, which will provide about 401 megawatts of computing capacity built out in phases, with the first power expected in the second half of 2027 and the full site running by early 2028, the company said.
TeraWulf expects the deal to generate roughly $19 billion in contracted revenue over its initial term, backed by what it described as an investment-grade credit.
That figure is larger than the entire company. TeraWulf carries a market value around $12 billion, so the lease represents more than the whole business is currently worth in future revenue - a measure of how much the AI buildout is reshaping the economics of companies that once only mined bitcoin. The stock is up more than 80% this year.
TeraWulf began as a bitcoin miner, running warehouses of specialized computers to earn newly issued coins, a business whose margins tightened after last year's halving cut the mining reward in half.
Like several of its peers, it has pointed its power capacity and sites at hosting AI computing instead, where a single tenant on a long lease offers steadier income than the volatile economics of mining. The company still runs a bitcoin operation, but the Anthropic lease and its wider pipeline may now define its value.
Meanwhile, TeraWulf added it will sell its entire 50.1% stake in the Abernathy>signed over $70 billion in AI computing contracts, chasing the steadier margins of the AI trade, the same shift of capital toward artificial intelligence that has pulled money out of crypto through a losing first half.
The lift stood out against a soft day for bitcoin itself. The token slipped toward $61,900 on Monday after Strategy disclosed the sale of 3,588 bitcoin for about $216 million, a sharp step up from the 32 coins it sold weeks ago.