TeraWulf Lands $19B Anthropic AI Deal, Sending Bitcoin Miners Soaring

TeraWulf has signed a 20-year lease with artificial-intelligence developer Anthropic at its Justified Data campus in Hawesville, Kentucky, a deal expected to generate roughly US$19 billion (AU$27.36 billion) in contracted revenue and cement the bitcoin miner’s transformation into an AI infrastructure landlord.

The campus will accommodate about 401 megawatts of critical IT load, built in phases, with initial capacity slated for the second half of 2027 and the full footprint reached by early 2028. 

Alongside the lease, TeraWulf agreed to sell its 50.1% stake in the Abernathy joint venture to an investor group led by Fluidstack, monetising an investment of about US$450 million (AU$648 million) at a premium to invested capital.

Related: Bitcoin Squeezes Past $63K, But Traders Brace for “Monday Curse” to Strike Again

A Long-Duration Bet

The announcement drew an immediate market response. TeraWulf shares closed up 4.86% at US$22.21 (AU$32) on July 6, with trading volume around 135% above its three-month average. Compass Point raised its price target to US$40 (AU$58) from US$28 (AU$40) and kept a Buy rating, citing the contracted revenue the Anthropic agreement locks in over two decades.

Paul Prager, TeraWulf’s chairman and chief executive, said the arrangement “validates our strategy and establishes a long-duration revenue stream with one of the world’s leading AI companies.” The company framed the lease as part of a wider push to own and operate assets while keeping direct relationships with its customers.

Cipher climbed 8.43% to US$21.73 (AU$31) and IREN rose 13.11% to US$43.91 (AU$63), as investors bid up miners repositioning idle power capacity toward AI and high-performance computing. 

Overall, Bitcoin miners, squeezed by thin mining margins and a falling bitcoin price, court AI tenants able to sign multi-year contracts worth billions. Obviously, access to large, power-ready sites has become the scarce resource in the AI build-out, and miners that secured cheap energy and grid connections for mining now find those same assets in demand from data-center operators.

Related: US Orders Anthropic to Shut Down Flagship AI Models for All Foreign Users Over Security Fears

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