Bitcoin miner TeraWulf is making a major pivot to artificial intelligence. The company has signed a 20-year lease with Anthropic for a massive data center campus in Hawesville, Kentucky. The deal is expected to generate approximately $19 billion in revenue.
The facility, called the Justified Data campus, will eventually support about 401 megawatts of computing capacity. The first phase is scheduled to come online in the second half of 2027, with full capacity reached by early 2028. TeraWulf says the lease will be backed by an investment-grade credit rating.
News of the deal sent TeraWulf's stock (WULF) surging nearly 14% early Monday. The rally lifted the entire sector. IREN shares jumped over 13%, Hut 8 climbed 12%, and Cipher Digital gained 11%. Even Keel Infrastructure, the former Bitcoin miner Bitfarms that has entirely shifted its focus to AI, saw its stock rise 10%.
In a separate transaction, TeraWulf is selling its 50.1% stake in the Abernathy Joint Venture, a Texas data center project, to an investor group led by its partner Fluidstack. The sale monetizes TeraWulf's roughly $450 million investment at a premium.
"We are proud to announce this landmark partnership with Anthropic," said TeraWulf CEO Paul Prager. Anthropic, the company behind the Claude chatbot, is aggressively securing long-term power and data center capacity to train its large language models.