The former bitcoin mining company has entered into a 20-year agreement to host Anthropic at its facility in Kentucky, marking a shift towards more stable revenue in AI infrastructure.
By Shaurya MalwaUpdated Jul 7, 2026, 4:10 a.m. Published Jul 6, 2026, 2:12 p.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on SummaryShow- TeraWulf's stock experienced a notable rise following the announcement of a 20-year lease with Anthropic, which will provide approximately 401 megawatts of AI data-center capacity at its Justified Data campus in Hawesville, Kentucky, starting in 2027.
- The contract with Anthropic is projected to yield about $19 billion in revenue over its duration, surpassing TeraWulf's current market valuation of approximately $12 billion and highlighting the transformation of former crypto miners into AI infrastructure providers.
- The company plans to divest its 50.1% interest in a Texas data-center joint venture for around $530 million, reflecting the broader trend of bitcoin miners pivoting towards more stable AI computing contracts amid declining bitcoin prices.
TeraWulf, which has transitioned from solely mining bitcoin to becoming an AI infrastructure provider, secured a 20-year lease with Anthropic to host their operations at a data center in Kentucky. This news led to a surge in TeraWulf's shares, which rose by as much as 19% on Monday before stabilizing with a 4% increase.
The agreement pertains to TeraWulf's Justified Data campus in Hawesville, Kentucky, which will offer approximately 401 megawatts of computing power, developed in stages, with the first power expected in late 2027 and full operations commencing by early 2028, according to the company.
TeraWulf anticipates that this agreement will generate around $19 billion in contracted revenue during its initial term, supported by what it has characterized as investment-grade credit.
This projected revenue is greater than TeraWulf's entire market value of about $12 billion, suggesting how the shift towards AI is altering the financial landscape for companies that were previously focused on bitcoin mining. The stock has increased over 80% this year.
Initially established as a bitcoin miner, TeraWulf operated large facilities filled with specialized computers to mine new coins, a venture that saw its profitability decline following last year's halving, which halved mining rewards.
Like many of its competitors, TeraWulf has redirected its operational capacity towards AI computing, where long-term contracts with a single client provide more stable revenue compared to the fluctuating nature of cryptocurrency mining. Although the company still maintains a bitcoin mining operation, the Anthropic lease and other future ventures may now largely determine its valuation.
Additionally, TeraWulf announced that it will sell its 50.1% stake in the Abernathy data-center joint venture in Texas to a consortium led by Fluidstack for about $530 million, recovering approximately $450 million of invested capital at a premium and allowing for funding to expand its wholly-owned data centers.
This move aligns with a trend CoinDesk has observed throughout the year. As of March 2026, bitcoin miners had sold over 15,000 coins from their peak holdings and entered into contracts worth over $70 billion for AI computing, seeking the more reliable profits available in the AI sector, a significant pivot of investment toward artificial intelligence as funds have exited the cryptocurrency market during a challenging first half of the year.
This rise in TeraWulf's stock occurred on a day when bitcoin itself faced declines, slipping toward $61,900 after Strategy reported selling 3,588 bitcoin for about $216 million, a significant increase from the mere 32 coins sold weeks prior.
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