TeraWulf shares jump 12% after $19B Anthropic lease deal

Anthropic lease at Justified Data

Anthropic will lease a purpose-built AI data center campus at TeraWulf's Justified Data site in Hawesville, Kentucky. The facility is designed to support 401 MW of critical IT capacity. TeraWulf acquired the Justified Data facility in February.

Initial operations are expected in the second half of 2027 with full buildout targeted for early 2028. The timeline reflects the scale of the project—training and running large AI models requires data centers with high-performance chips, advanced cooling systems and access to large amounts of reliable electricity.

Abernathy stake sale and market reaction

TeraWulf agreed to sell its 50.1% stake in the Abernathy joint venture, an AI data center project in Texas, to an investor group led by partner Fluidstack. The company expects the sale to return its roughly $450 million investment.

The moves signal TeraWulf's pivot toward capital-intensive AI infrastructure plays. TeraWulf's shares extended a roughly 107% year-to-date gain, reflecting broader investor appetite for crypto miners betting on AI.

Why Bitcoin miners are moving into AI

The overlap in infrastructure needs has prompted several miners to diversify into AI and high-performance computing. Bitcoin mining and AI training both demand grid connections, power agreements, and cooling systems—assets miners already own.

Blocksbridge Consulting estimated in June that public Bitcoin miners pursuing AI infrastructure may need roughly $50 billion in near-term capital. Other miners are following similar paths. HIVE Digital signed a three-year, $220 million agreement to provide GPU cloud infrastructure for AI startup Cohere through Bell Canada's AI Fabric.