Anthropic, an AI company, has signed a significant 20-year lease agreement with TeraWulf, a crypto mining company that has shifted focus to AI data center infrastructure. This lease involves a data center located in Hawesville, Kentucky, approximately an hour southwest of Louisville, which is planned to have a substantial capacity of around 400 megawatts. The initial power delivery for this facility is anticipated in the second half of 2027.
This long-term agreement is projected to be a major revenue driver for TeraWulf, with an estimated $19 billion in revenue expected over the initial term of the lease. Following the announcement of this deal, TeraWulf's shares experienced a significant surge, increasing by over 16% in premarket trading. The company's stock has already seen an impressive rise of more than 80% this year, indicating positive investor reception to its strategic pivot and recent agreements.
TeraWulf's CEO, Paul Prager, highlighted that the Anthropic lease serves as a validation of the company's strategy and establishes a consistent, long-duration revenue stream with a prominent AI industry leader. The company is actively seeking to raise $3.5 billion to fund the development and operations of this Anthropic-leased data center, further underscoring the scale and importance of this project. In other recent corporate moves, TeraWulf also divested its 50% stake in a 168-megawatt data center located in Abernathy, Texas, to an investor group led by Fluidstack.
