TeraWulf's $19B Anthropic Deal Shifts Market Narrative to AI Infrastructure

TeraWulf's stock price rose about 4.8% on July 6 after announcing a 20-year lease with Anthropic for its Justified Data campus in Kentucky, which is expected to generate approximately $19B in contracted revenue.

The deal marks a significant shift in how the market values TeraWulf, as it is no longer seen solely as a bitcoin miner but rather an AI infrastructure operator. The company's risk profile has also changed, with execution, financing, and data center power delivery now taking precedence over bitcoin volatility.

Anthropic will occupy about 401 MW of critical IT load at the campus, with initial capacity expected in H2 2027 and full ramp targeted by early 2028. The deal implies roughly $950M in annual contracted revenue, which works out to approximately $2.37M per MW per year or around $197 per kW per month.

TeraWulf is selling its 50.1% stake in the Abernathy Joint Venture to a group led by Fluidstack for about $530M, with the capital earmarked for redeployment into wholly owned projects. This move is seen as a strategic shift toward concentrating on assets it fully owns, allowing the company to keep more of the economics generated by AI infrastructure.