TeraWulf stock surged 17% in premarket trading Monday, reaching around $24.81, after the company announced a 20-year lease agreement with Anthropic for a purpose-built AI infrastructure campus in Kentucky.
The move came after the stock had fallen 10% on Thursday and was on a seven-day losing streak going into Monday.
The campus will be located at TeraWulf’s Justified Data site in Hawesville, Kentucky. It will support around 401 megawatts of critical IT load, developed across multiple phases.
$WULF signed a 20-year, nearly $20B deal with Anthropic for its Justified Data campus in Kentucky.
The campus will support ~401MW of critical IT load with initial capacity online in H2 2027 and full capacity expected by early 2028. pic.twitter.com/M9ngKGrm7z
— Shay Boloor (@StockSavvyShay) July 6, 2026
TeraWulf expects the deal to generate approximately $19 billion in contracted revenue over the initial lease term. That’s a big number for a company that started as a Bitcoin miner.
Initial capacity is scheduled to come online in the second half of 2027. The full campus is expected to be operational by early 2028.
CEO Paul Prager said the lease validates the company’s pivot toward AI infrastructure. “The lease provides approximately $19 billion of contracted lease revenue over its initial term,” he said.
Prager added the deal creates a framework for future expansion and demonstrates TeraWulf’s ability to source power, develop infrastructure, and lock in long-term customer commitments.
In a separate announcement, TeraWulf said it will sell its 50.1% ownership stake in the Abernathy Joint Venture, a 168-megawatt AI data center campus in Texas.
The buyer is an investor group led by Fluidstack, TeraWulf’s existing joint venture partner and an AI-cloud infrastructure provider.
TeraWulf had invested $450 million into the Texas venture. The company said the sale will let it redeploy that capital into opportunities where it can capture greater long-term value through direct ownership.
The project had been established in 2025 as part of TeraWulf’s broader push into AI infrastructure.
The Kentucky campus is backed by what TeraWulf described as an investment-grade credit profile, which gives the long-term lease added financial footing.
Prager framed the two moves together as a strategic reset. “Together, these transactions position TeraWulf for its next phase of growth,” he said.
The Anthropic deal is the clearest signal yet of how far TeraWulf has moved from its Bitcoin mining roots toward becoming a dedicated AI data center operator.
TeraWulf’s premarket gain on Monday puts the stock on track to recover a chunk of the ground lost over the prior week.
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