TeraWulf stock jumps on $19 billion Anthropic AI deal

TeraWulf shares jumped on July 6 after the company landed a major artificial intelligence infrastructure customer.

TeraWulf (WULF) announced a 20-year lease with Anthropic at its Justified Data campus in Hawesville, Kentucky. The agreement is expected to generate about $19 billion in contracted revenue over the initial lease term.

TeraWulf stock was recently trading at $22.74 around midday July 6, up about 7.3%. The stock opened at $24.21 and traded as high as $25.04 earlier in the session.

The stock move gives investors a new reason to view TeraWulf as a data-center infrastructure company, not just a business once closely tied to bitcoin mining.

TeraWulf stock rallies after Anthropic lease

The Anthropic agreement covers TeraWulf’s Justified Data campus, a purpose-built AI infrastructure site in Kentucky.

The campus is expected to support about 401 megawatts of critical IT load. Initial capacity is expected to come online in the second half of 2027, with the full 401 megawatts expected by early 2028.

Related: Anthropic quietly joins the race to build its own chips

The deal comes as TeraWulf continues to reposition itself around AI and data services, moving the company further into the market for power-heavy computing infrastructure.

Key numbers behind the TeraWulf deal

TeraWulf’s announcement laid out the main numbers behind the Anthropic lease and the Abernathy Joint Venture sale:

• $19 billion: Expected contracted revenue over the initial lease term
• 20 years: Length of the Anthropic lease
• 401 megawatts: Expected critical IT load at the Justified Data campus
• Second half of 2027: Expected initial capacity timing
• Early 2028: Expected full ramp to 401 megawatts
• $450 million: Capital TeraWulf expects to monetize through the Abernathy Joint Venture sale
• More than 10%: TeraWulf’s early stock move after the announcement

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Anthropic gives TeraWulf new revenue story

The Anthropic lease gives TeraWulf a high-profile AI customer and a long-term contract tied to data-center demand.

TeraWulf framed the agreement as part of a broader move toward infrastructure platforms where it has direct ownership, customer relationships, and operational control. The lease gives the company a more visible source of long-term revenue tied to AI infrastructure and power-secured data-center assets.

TeraWulf also announced a separate deal to sell its 50.1% ownership interest in the Abernathy Joint Venture to a Fluidstack-led investor group. The company said the transaction monetizes about $450 million of invested capital and unlocks capital for redeployment into wholly owned AI infrastructure opportunities.

The Abernathy sale gives TeraWulf more capital to support the same pivot. The company is shifting capital toward AI infrastructure sites where it can control the assets, secure long-term customers, and build recurring data-center revenue.

The market still has an execution question

The Anthropic deal gives TeraWulf a stronger AI infrastructure story, but the full financial impact will take time.

Initial capacity at the Kentucky campus is not expected until the second half of 2027. The full 401 megawatts are expected by early 2028. The timeline leaves investors watching construction progress, power delivery, project costs, and the company’s ability to turn the lease into reliable revenue.

Anthropic gives TeraWulf a major customer, but the company still has to show that it can deliver the campus on schedule and support the type of infrastructure AI companies need.

TeraWulf’s rally shows that investors are willing to reward the company’s AI data-center pivot. The Anthropic lease gives the stock a clearer path to long-term revenue, but the next test is whether TeraWulf can deliver the project on time and turn the deal into dependable cash flow.

Related: Anthropic restores access to Mythos 5 for select organizations