TeraWulf stock rose 17% on Monday after the company announced a 20-year data center lease with Anthropic tied to a 401-megawatt AI campus in Hawesville, Kentucky.
The company said the agreement is expected to generate about $19 billion in revenue over the lease term.
Shares of TeraWulf, listed on Nasdaq under WULF, traded near $24.14 by late Monday morning, up from Friday’s close of $21.18. The stock moved between $23.38 and $25.15 intraday, according to Google Finance. The latest gain extended a sharp advance for the shares, which have climbed more than 117% since the start of the year.
Anthropic Lease Expands AI Infrastructure Push
The agreement gives Anthropic access to a purpose-built AI campus at TeraWulf’s Justified Data site near Louisville. Initial services are scheduled for the second half of 2027, while the full 401 megawatts of critical IT capacity are expected to become operational in early 2028.
Anthropic, known for the Claude family of AI models, becomes a major long-term tenant for TeraWulf as the company shifts further into AI infrastructure. The lease also gives TeraWulf two decades of contracted revenue from a customer active in the large-scale AI computing market.
Texas Joint Venture Exit Frees Capital
TeraWulf also announced a separate transaction on the same day. The company agreed to sell its 50.1% stake in an AI data center joint venture in Abernathy, Texas, to an investor group led by Fluidstack, its partner in the project.
The company did not disclose the sale terms. However, TeraWulf said it received a premium on the roughly $450 million it had invested in the venture. It plans to redeploy the proceeds into sites that it fully owns and controls.
“Collectively, the transactions enhance TeraWulf’s long-term revenue visibility, strengthen its financial position, and further align the Company’s capital with infrastructure platforms where it maintains direct ownership, customer relationships, and operational control,” the company said.
Bitcoin Mining Shift Gains Momentum
TeraWulf began as a Bitcoin mining company, with facilities in New York and Pennsylvania. In the first quarter of 2026, revenue from high-performance computing hosting reached $21 million and exceeded mining revenue of about $13 million for the first time.
The transition has required heavy investment. TeraWulf reported a first-quarter loss of $427.63 million and ended the period with about $3.1 billion in cash and a similar amount of long-term debt.
Industry demand supports the shift, with the International Energy Agency projecting data center electricity use will nearly double to about 945 terawatt-hours by 2030, led by AI.
The company’s Kentucky footprint is central to its next stage. TeraWulf already has hundreds of megawatts of grid-connected capacity in Hawesville and a separate 285-acre Kentucky site capable of supporting more than one gigawatt.
