TeraWulf Inc. (WULF) surged 17% in premarket trading on Monday, reaching approximately $24.81, after the company unveiled a transformative 20-year lease agreement with AI developer Anthropic. The deal is projected to generate around $19 billion in contracted revenue over the initial lease term, marking a decisive shift from its origins as a Bitcoin mining firm.
Under the agreement, TeraWulf will construct a purpose-built AI infrastructure campus at its Justified Data site in Hawesville, Kentucky, near Louisville. The facility will support 401 megawatts of critical IT load, developed in phases. Initial capacity is expected to come online in the second half of 2027, with the entire campus operational by early 2028. CEO Paul Prager emphasized that the lease validates the company’s strategic pivot toward AI, stating it "provides approximately $19 billion of contracted lease revenue over its initial term" and creates a framework for future expansion.
In a separate move, TeraWulf announced the sale of its 50.1% ownership stake in the Abernathy Joint Venture, a 168-megawatt AI data center campus in Texas, to an investor group led by its existing partner, Fluidstack. The company had invested $450 million into the project since its establishment in 2025. The divestment allows TeraWulf to redeploy capital into wholly owned infrastructure opportunities, aligning with its focus on direct ownership and customer relationships. Prager described the two transactions together as a strategic reset positioning the company for its next growth phase.
Nearly all Bitcoin miners have been adding AI-related business lines to secure predictable revenue amid the AI-driven data center boom. TeraWulf’s stock, up over 117% year-to-date, rebounded sharply from a 10% drop on Thursday and a seven-day losing streak.
