TeraWulf Inc. stock jumped Monday after the company secured a major Anthropic lease and moved to reshape its AI infrastructure portfolio. WULF surged 13.55% to $24.05 after a sharp early rally, then stabilized near $24.00. The move followed two transactions that strengthen TeraWulf’s shift from digital asset infrastructure toward large-scale AI campuses.
TeraWulf signed a 20-year lease agreement with Anthropic at its Justified Data campus in Hawesville, Kentucky. The lease is expected to generate about $19 billion in contracted revenue over its initial term. The agreement gives TeraWulf a long-duration revenue stream tied to purpose-built AI infrastructure.
The Justified Data campus will support about 401 MW of critical IT load. TeraWulf plans to develop the site in phases and bring initial capacity online in the second half of 2027. The company expects the campus to reach full capacity by early 2028.
The deal also strengthens TeraWulf’s position in AI data center development. The company has focused on power access, campus development, and direct customer relationships. Therefore, the Anthropic lease supports its plan to own and operate infrastructure assets with long-term contracted demand.
TeraWulf also agreed to sell its 50.1% stake in the Abernathy Joint Venture. An investor group led by Fluidstack, its joint venture partner, will acquire the ownership interest. The deal monetizes TeraWulf’s roughly $450 million investment at a premium to invested capital.
The Abernathy Joint Venture began in 2025 to develop a 168 MW AI data center campus in Texas. TeraWulf and Fluidstack worked together to advance the site from its early development phase. After closing, Fluidstack will continue to lead the Abernathy project.
The sale gives TeraWulf capital for redeployment into wholly owned AI infrastructure opportunities. It also simplifies the company’s structure by removing joint venture accounting from future reporting. As a result, TeraWulf can focus more directly on campuses where it controls operations and customer relationships.
TeraWulf built its business around vertically integrated digital infrastructure and energy-backed computing sites. Rising AI demand has pushed the company deeper into large-scale data center development. The Anthropic lease now gives that strategy a major commercial anchor.
The company said the two transactions improve revenue visibility and strengthen its financial position. They also align capital with platforms where TeraWulf keeps direct ownership and operating control. In addition, the moves support its plan to build durable cash flows from AI infrastructure.
WULF’s stock reaction showed how strongly the market priced the new AI growth path. The $19 billion Anthropic lease gives TeraWulf a clear long-term revenue base. Meanwhile, the Abernathy sale provides capital that can support its next phase of owned AI campus expansion.
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