TeraWulf shares soar after Anthropic leases data center in Kentucky
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- Anthropic signed a 20-year lease with TeraWulf for a data center in Hawesville, Kentucky (~400 MW capacity), with first power delivery expected in the second half of 2027.
- TeraWulf shares jumped more than 16% in premarket trading on the news, extending the stock's year-to-date gain above 80%.
- The Kentucky lease is projected to generate roughly $19 billion in revenue over its initial term, per TeraWulf.
- TeraWulf simultaneously divested its 50% interest in a 168-megawatt Abernathy, Texas data center to an investor group led by Fluidstack.
- TeraWulf is a former crypto mining company that has pivoted to AI data center infrastructure.
- CEO Paul Prager called the Anthropic deal a validation of the company's strategy and a 'long-duration revenue stream with one of the world's leading AI companies.'
Why it matters: TeraWulf's pivot from crypto mining to AI data centers just landed its biggest validation yet — a roughly $19 billion, 20-year Anthropic lease that sent shares up 16% premarket — while the company simultaneously sold a 168 MW Texas stake to Fluidstack to refocus its portfolio around the Kentucky anchor tenant.