Miners Pivot to AI, WULF Lands a $19B Tenant, and Bitcoin Miners Become Electricity Realtors 🏠

Bitcoin miner TeraWulf (WULF) shares jumped about 14% to $24.05 on Monday after the company announced a 20-year lease with Anthropic valued at roughly $19 billion in contract revenue, while also revealing it is selling its 50.1% stake in the Abernathy joint venture in Texas to an investor group led by partner Fluidstack. The Fluidstack transaction monetizes TeraWulf's roughly $450 million investment at a premium to invested capital, with the company saying proceeds will be reinvested into wholly owned AI infrastructure projects. Shares were up about 12% in Monday morning trading per Yahoo Finance data, extending a roughly 107% year-to-date gain.

Under the lease, Anthropic will occupy a purpose-built campus at TeraWulf's Justified Data site in Hawesville, Kentucky, a facility acquired in February and designed to support about 401 MW of critical IT capacity. The first phase is slated to come online in the second half of 2027, with the site reaching full capacity by early 2028. TeraWulf said the lease is expected to be supported by an investment-grade credit rating.

"When we announced the Justified Data campus acquisition in February, we told investors that we expected to secure a major customer commitment by around the end of the second quarter of 2026," said TeraWulf Chairman and CEO Paul Prager in a statement. "The timing of today's announcement reflects the completion of final documentation and customary transaction processes, and we are proud to announce this landmark partnership with Anthropic."

The Anthropic deal lifted shares across the Bitcoin mining sector as firms continued to pivot toward AI compute. IREN gained more than 13%, Hut 8 rose 12%, Cipher Digital climbed 11%, and Keel Infrastructure (formerly Bitfarms), which rebranded and exited Bitcoin mining entirely to focus on AI, was up 10% on the day. The broader trend reflects surging demand for high-performance computing capacity driven by training and running large language models, a need that overlaps with the grid connections, power agreements, and energy-intensive infrastructure already in place at many mining sites.

Blocksbridge Consulting estimated in June that public Bitcoin miners pursuing AI infrastructure may need roughly $50 billion in near-term capital, given the higher buildout costs of AI data centers compared with traditional mining facilities. Recent deals underscore the capital shift: last month, HIVE Digital signed a three-year, $220 million agreement to provide GPU cloud infrastructure for AI startup Cohere through Bell Canada's AI Fabric, while IREN acquired Spanish data center developer Nostrum Group, adding about 490 MW of secured, grid-connected power as it entered the European AI market.