CoinDesk
Bitcoin miner TeraWulf signed a 20-year lease with Anthropic to host roughly 401 megawatts of AI compute at its Justified Data campus in Hawesville, Kentucky, sending the stock up as much as 19% on Monday before it settled near a 4% gain. Power is expected to come online in the second half of 2027, with the full site running by early 2028, and TeraWulf says the contract is backed by an investment-grade credit counterparty.
The dollar figure attached to that contract is the part investors will not stop running through the calculator. TeraWulf expects about $19 billion in contracted revenue over the initial term, larger than the roughly $12 billion market value the company carried before the news. The stock is up more than 80% year to date.
Why it matters
The lease is the cleanest data point yet in a rotation CoinDesk has tracked all year. As of March 2026, public bitcoin miners had sold more than 15,000 coins from peak holdings and signed over $70 billion in AI computing contracts, moving the same power capacity that once earned block rewards toward long-dated AI hosting agreements. The economics of mining compressed after last year's halving cut the coin reward in half, and AI tenants pay in contracted megawatts rather than volatile coin subsidies, which is why the math now favors a multi-decade lease over a fleet of ASICs.
Market impact
TeraWulf also said it will sell its 50.1% stake in the Abernathy joint venture in Texas to a group led by partner Fluidstack for about $530 million, monetizing roughly $450 million of invested capital at a premium and freeing cash for wholly owned sites. The lift in the stock stood out against a soft tape for bitcoin itself, which slipped toward $61,900 after Strategy disclosed a sale of 3,588 BTC for roughly $216 million, a sharp step up from the 32 coins it sold weeks earlier. Peers running the same pivot, including Core Scientific and Hut 8, will be the names investors compare this contract against next.
Frequently asked questions
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How much AI capacity is TeraWulf hosting for Anthropic?
Roughly 401 megawatts at the Justified Data campus in Hawesville, Kentucky, with first power expected in the second half of 2027 and the full site live by early 2028.
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How big is the TeraWulf-Anthropic deal in dollar terms?
TeraWulf expects about $19 billion in contracted revenue over the initial 20-year term, backed by an investment-grade credit counterparty, and larger than the company's own roughly $12 billion market value.
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Why are bitcoin miners signing AI hosting deals?
The April 2024 halving cut the block reward in half and compressed mining margins, while AI tenants pay in contracted megawatts rather than volatile coin subsidies. Long-dated AI leases replace subsidy-dependent mining income with steadier, multi-decade cash flow.
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What is TeraWulf doing with the Abernathy joint venture?
TeraWulf will sell its 50.1% stake in the Abernathy, Texas data-center joint venture to a group led by partner Fluidstack for about $530 million, monetizing roughly $450 million of invested capital at a premium.
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How does this fit the broader bitcoin-miner-to-AI rotation?
As of March 2026, public bitcoin miners had sold more than 15,000 coins from peak holdings and signed over $70 billion in AI computing contracts, a capital rotation CoinDesk has tracked through a losing first half for crypto.
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