Bitcoin miner TeraWulf signs 20-year lease with Anthropic, securing ~$19B in revenue

Author: Ahmed Barakat Read time: 4 minutes

Market data:

• WULF: +12.80%
• BTC-USD: -0.51%

TeraWulf has signed a 20-year lease with Anthropic for a 401 MW AI data center campus at its Justified Data site in Hawesville, Kentucky. The agreement locks in approximately $19 billion in contracted revenue — a figure that exceeds the bitcoin miner's entire current market cap of roughly $12 billion.

The deal raises a fundamental question: At what point does WULF stop trading as a bitcoin proxy and begin pricing as an infrastructure REIT?

Shares jumped as much as 19% intraday on July 6 before settling to around a 4% gain at the close. That compression from intraday high to close suggests the market is discounting execution risk even as it prices in the headline value — a correct reflex given the multi-year buildout ahead.

TeraWulf CEO Paul Prager told CNBC: "The Anthropic lease validates our strategy and establishes a long-duration revenue stream with one of the world's leading AI companies."

The Wall Street Journal reported the agreement is underpinned by Anthropic's strong investment-grade credit rating. This matters structurally: long-duration revenue anchored to investment-grade paper is a fundamentally different asset than hashrate-dependent block rewards.

What the Kentucky Deal With Anthropic Actually Commits TeraWulf To

The Kentucky data center campus will deliver approximately 401 MW of critical IT load for Anthropic's Claude AI infrastructure in phases:

• Initial capacity expected online in H2 2027
• Full build-out targeted by early 2028

The Justified Data site sits on a former Century Aluminum facility, giving TeraWulf an existing large-power footprint with roughly 480 MW of available capacity and room to expand. This shovel-ready power access is precisely what AI labs cannot easily replicate on their own timeline.

At an industry-standard capex figure of approximately $8–$10 million per MW for HPC-grade infrastructure, the 401 MW buildout implies a capital requirement in the range of $3.2 billion to $4 billion.

That number is not in the headline — the $19 billion contracted revenue figure is — but it is the variable that will determine whether this deal creates or destroys equity value over the next 24 months. TeraWulf has not yet specified its full financing structure for the Kentucky campus.

Anthropic is not the only AI lab moving this aggressively on power. Reports indicate the company has locked up approximately 3.5 GW of AI compute capacity across multiple deals. Benzinga notes that IREN has also signed with Anthropic, framing TeraWulf as part of a growing cohort of former Bitcoin miner operators now serving as dedicated AI infrastructure landlords.

The AI infrastructure buildout cycle driving these commitments shows no sign of decelerating.

Capital Recycling and the Abernathy Exit

Running parallel to the Anthropic announcement, TeraWulf confirmed it will sell its 50.1% ownership interest in the Abernathy Joint Venture — a 168 MW AI data center project in Texas formed in 2025 — to an investor group led by Fluidstack.

According to Reuters, the company said the transaction monetizes its approximately $450 million investment at a premium to invested capital. This is not a trivial data point: it means TeraWulf is already realizing gains on its crypto mining pivot before a single rack goes live in Kentucky.

The logic of the Abernathy exit is clean. Rather than hold a minority stake in a joint venture it does not control, TeraWulf is recycling capital into wholly owned infrastructure where it captures the full margin profile.

CoinShares has estimated that up to 70% of listed miners' revenue could eventually come from AI hosting for those that secure long-term agreements — a shift that changes the entire valuation framework for companies like TeraWulf.

The 20-year lease structure itself is the most significant element beyond the dollar figure. For investors previously using WULF as a leveraged bet on bitcoin price cycles, that tenure represents a genuine change in the underlying business. Long-duration, fixed-revenue infrastructure produces a very different earnings profile than mining — more predictable, less volatile, and increasingly institutional.