Bitcoin miner TeraWulf is moving further into the artificial intelligence infrastructure race, signing a long-term data center deal with AI firm Anthropic and restructuring its ownership in a separate AI campus venture. The company said it expects the agreement to generate about $19 billion in contract revenue over 20 years.
In a separate transaction, TeraWulf also announced plans to sell its majority stake in an AI data center joint venture in Texas, with proceeds intended for reinvestment into wholly owned AI infrastructure projects. Following the announcements, TeraWulf shares rose by roughly 12% in Monday morning trading, extending a year-to-date gain of about 107%, according to Yahoo Finance data at the time of writing.
Key takeaways
- TeraWulf signed a 20-year data center lease with Anthropic, expected to bring roughly $19 billion in contract revenue.
- The Anthropic campus will be built at TeraWulf’s Justified Data site in Hawesville, Kentucky, with initial operations targeted for the second half of 2027 and full buildout in early 2028.
- TeraWulf plans to monetize its 50.1% stake in the Abernathy AI data center joint venture in Texas and reinvest the returned capital into wholly owned projects.
- The broader shift reflects how AI demand for power, cooling, and high-performance compute is creating new opportunities—and new capital requirements—for Bitcoin miners.
Anthropic deal ties up TeraWulf’s Kentucky capacity
Under the new agreement, Anthropic will lease a purpose-built AI data center campus at TeraWulf’s Justified Data facility in Hawesville, Kentucky. The site, which TeraWulf acquired in February, is designed to support 401 MW of critical IT capacity.
TeraWulf’s announcement outlines a phased ramp-up: initial operations are expected in the second half of 2027, with the full buildout targeted for early 2028. For investors, the timeline matters as it defines when revenue streams associated with the expansion can begin translating into cash flow, rather than relying solely on the pace of construction progress.
While AI data centers rely on different hardware from crypto mining, the underlying infrastructure requirements overlap in important ways—especially around power access and the ability to operate energy-hungry computing at scale.
Reinvesting by selling the Abernathy stake
Alongside the Anthropic lease, TeraWulf disclosed it has agreed to sell its 50.1% stake in the Abernathy joint venture. The Abernathy project is positioned as an AI data center development in Texas.
The buyer is an investor group led by Fluidstack, acting through the joint venture arrangement. TeraWulf said it expects the sale to return roughly $450 million of its investment, which the company plans to reinvest into AI infrastructure projects it owns outright.
From a strategy perspective, this move suggests TeraWulf is attempting to balance partnerships with majority control: monetizing some exposure through the sale, while channeling capital toward projects where it can hold full ownership and capture a larger share of long-term economics. Still, readers may want to track how management defines “wholly owned projects,” including their construction stages and financing assumptions, because capital structure and timing can materially affect risk.
Why AI is reshaping Bitcoin mining’s infrastructure playbook
TeraWulf’s shift arrives at a moment when demand for AI infrastructure is outpacing available computing capacity. Training and running large AI models require data centers equipped with high-performance chips, advanced cooling systems, and reliable electricity—conditions that can make power-rich locations increasingly valuable.
Bitcoin miners have an advantage in that they often already operate or control grid-connected sites, power arrangements, and related infrastructure built for energy-intensive workloads. That has encouraged a wave of diversification into AI and high-performance computing (HPC), even though the end-use hardware differs from typical crypto mining setups.
But the pivot to AI is not frictionless. Blocksbridge Consulting, in a June estimate cited by the article, suggested public Bitcoin miners pursuing AI infrastructure may require roughly $50 billion in near-term capital. The implication is straightforward: AI buildouts can demand materially higher spending than traditional mining facilities, increasing the importance of securing long-term contracts, managing construction schedules, and maintaining access to financing.
Industry momentum and the funding gap narrative
The broader pattern shows up in other miner-adjacent deals. Earlier coverage noted that HIVE Digital signed a three-year, $220 million agreement to supply GPU cloud infrastructure for Cohere through Bell Canada’s AI Fabric. In another example of miners tying up new power for AI-era workloads, IREN acquired Spanish data center developer Nostrum Group, a move that added about 490 MW of secured, grid-connected power as it pushed into the European AI market.
Taken together, these moves underline the tension in the sector: the same power and data center capabilities that make miners attractive for AI also make them targets for substantial reinvestment. With AI infrastructure costs high and timelines long, contract-backed revenue—such as TeraWulf’s Anthropic lease—can become a key differentiator in proving that miners can scale beyond speculation and into durable customer demand.
For now, the most important things to watch are execution milestones—especially whether the Kentucky campus stays on track for initial operations in the second half of 2027—and how TeraWulf deploys the capital returned from selling the Abernathy stake into new, wholly owned projects. The market will likely focus on whether miners can close the funding gap highlighted by analysts while converting AI infrastructure plans into steady, contracted cash flows.
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