TeraWulf stock jumps on $19B Anthropic AI campus deal

TeraWulf stock soared 17% after a $19B, 20-year AI lease with Anthropic, including a new Kentucky campus and divestment from a Texas venture, boosting revenue outlook.

TeraWulf's stock surged 17% following the announcement of a 20-year lease agreement with Anthropic, projected to generate around $19 billion in revenue. The deal includes building a specialized AI infrastructure campus at TeraWulf’s Justified Data site in Hawesville, Kentucky, which will provide approximately 401 megawatts of critical IT capacity. Initial services are expected to launch in the second half of 2027, with full operations anticipated by early 2028. This marks a strategic shift for TeraWulf from bitcoin mining to AI and high-performance computing infrastructure. Additionally, TeraWulf is selling its 50.1% stake in a Texas data center joint venture, freeing up about $450 million for reinvestment in wholly owned AI infrastructure projects. The market responded positively, with the stock nearing a 52-week high and up over 117% year-to-date. While the outlook is strong, risks include potential delays or renegotiations in energy delivery and construction, which could affect revenue and project timelines.