Bitcoin Mining Stocks Jump After TeraWulf Signs $19 Billion Lease With Anthropic
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- TeraWulf signed a 20-year lease with Anthropic for a ~401 MW purpose-built campus at its Justified Data site in Hawesville, Kentucky, with the company stating the lease could generate roughly $19 billion in revenue.
- TeraWulf separately agreed to sell its 50.1% stake in the Abernathy Joint Venture—a Texas data-center project with partner Fluidstack—to a Fluidstack-led investor group, monetizing its roughly $450 million investment at a premium.
- TeraWulf (WULF) shares spiked about 14% to $24.05 on the news, while peers IREN rose more than 13%, Hut 8 gained 12%, Cipher Digital climbed 11%, and Keel Infrastructure (formerly Bitfarms) was up 10%.
- The campus's first phase is slated to come online in the second half of 2027, with full ~401 MW capacity reached by early 2028, and TeraWulf said the lease is expected to be supported by an investment-grade credit rating.
- TeraWulf Chairman and CEO Paul Prager framed the announcement as meeting a prior commitment: the company had told investors in February it expected to secure a major customer by around the end of Q2 2026.
Why it matters: The deal crystallizes a sector-wide pivot: once pure-play Bitcoin miners like TeraWulf are now locking in contracted, investment-grade-backed revenue from AI hyperscalers willing to pay for multi-hundred-megawatt campuses. With TeraWulf up 14% and peers IREN, Hut 8, Cipher, and Keel each up double digits, the market is pricing Bitcoin-mining balance sheets as AI infrastructure plays—rewarding firms that can repurpose power and land for compute rather than hash rate.
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