Bitcoin miner TeraWulf is diving deeper into AI infrastructure. The company signed a 20-year data center lease with Anthropic that’s expected to bring in around $19 billion in contract revenue.
That’s not all. TeraWulf also announced Monday it’s selling its majority stake in a separate AI data center joint venture to reinvest in projects it owns outright. Shares jumped about 12% in Monday morning trading, extending a year-to-date gain of roughly 107%.
The deal puts Anthropic in a purpose-built AI data center campus at TeraWulf’s Justified Data site in Hawesville, Kentucky. That facility — acquired back in February — is designed to support 401 MW of critical IT capacity. Initial operations are expected in the second half of 2027, with full buildout targeted for early 2028.
Separately, TeraWulf sold its 50.1% stake in the Abernathy joint venture, an AI data center project in Texas, to an investor group led by partner Fluidstack. The company expects to get back its roughly $450 million investment and plans to put that money into wholly owned AI infrastructure projects.
This is part of a bigger shift. Demand for AI infrastructure is outstripping available computing capacity. Training and running large models needs data centers with powerful chips, advanced cooling, and lots of reliable electricity. Bitcoin miners already own sites with grid connections and power agreements, which makes them natural players in this space.
But it’s not cheap. Blocksbridge Consulting estimated in June that public Bitcoin miners chasing AI infrastructure may need around $50 billion in near-term capital — way more than traditional Bitcoin mining facilities require. Still, miners like HIVE Digital and IREN have been making similar moves, signing major AI infrastructure deals and acquisitions.
