The great crypto-to-AI infrastructure pivot has reached a historic milestone. Transitioning away from its pure-play Bitcoin mining roots, TeraWulf Inc. has secured an astronomical, multi-decade hosting contract with generative AI powerhouse Anthropic, sending its shares surging over 10% in early Monday trading.
The critical transaction metrics, power capacities, and balance sheet moves behind the deal:
⚡ The $19 Billion Anthropic Infrastructure Contract
- The Revenue Pipeline: The binding 20-year lease agreement is officially projected to generate a staggering $19 Billion in long-term, contracted recurring revenue.
- The Megawatt Footprint: The custom-engineered AI campus will support a massive 401 Megawatts (MW) of critical IT load located at TeraWulf’s wholly owned “Justified Data” infrastructure site in Hawesville, Kentucky.
- The Timeline: Initial server capacity is scheduled to go online in H2 2027, with the full 401 MW footprint hitting maximum operational load by early 2028.
- The Stock Momentum: Prior to Monday’s 10% gap-up, TeraWulf equity had already rocketed 85% year-to-date, making it one of the top-performing digital infrastructure assets of 2026.
💰 Monetizing the JV Moat to Fund AI Capex To aggressively self-fund this newly formed AI campus without diluting public shareholders, TeraWulf simultaneously executed a highly tactical corporate divestment:
- The Stake Sale: TeraWulf agreed to sell its entire 50.1% stake in the Abernathy joint venture to an investor group spearheaded by partner Fluidstack.
- The Cash Unlock: The transaction completely monetizes TeraWulf’s initial $450 Million investment at a substantial premium to invested capital, directly freeing up deep liquidity to deploy into its 100%-owned AI high-performance computing (HPC) projects.
As the global computing landscape faces a severe deficit in power availability and advanced cooling facilities, TeraWulf’s ability to hand Anthropic 401 MW of fully permitted power cements ex-miners as the ultimate real estate kings of the global AI boom.