WULF Goes Full Landlord: $19B Anthropic Lease Has Miners Daydreaming About AI Rent Checks 🏢

TeraWulf (WULF) shares jumped roughly 14% to $24.05 on Monday after the Bitcoin miner disclosed a 20-year lease with Anthropic worth approximately $19 billion in contracted revenue, a figure that exceeds the company's roughly $12 billion market cap. The rally spilled across the sector, with IREN up more than 13%, Hut 8 gaining 12%, Cipher Digital rising 11% and Keel Infrastructure (formerly Bitfarms), which has exited Bitcoin mining entirely to focus on AI, up 10%. TeraWulf said the lease is expected to be supported by an investment-grade credit rating from Anthropic, the AI company behind the Claude chatbot.

Under the agreement, 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. Initial operations are slated for the second half of 2027, with full buildout targeted for early 2028. The Justified Data site sits on a former Century Aluminum facility with roughly 480 MW of available capacity. "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," TeraWulf Chairman and CEO Paul Prager said 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." Prager separately told CNBC: "The Anthropic lease validates our strategy and establishes a long-duration revenue stream with one of the world's leading AI companies."

TeraWulf also agreed to sell its 50.1% stake in the Abernathy Joint Venture, a Texas AI data center project developed with partner Fluidstack, to an investor group led by Fluidstack. The transaction monetizes TeraWulf's roughly $450 million investment at a premium to invested capital, with proceeds earmarked for reinvestment into wholly owned AI infrastructure projects. Fluidstack will take over leadership of the project going forward.

Bloomberg reported on Thursday that TeraWulf is separately pursuing a $3.5 billion debt raise to fund expansion at the Justified Data campus, with Morgan Stanley leading the financing, which could include leveraged loans and high-yield bonds and would mark TeraWulf's first entry into the leveraged loan market, according to CFO Patrick Fleury. The debt package follows prior offerings of $1.3 billion in December 2025 and $3.2 billion in October 2025. The pivot comes as Blocksbridge Consulting estimated in June that public Bitcoin miners pursuing AI infrastructure may need roughly $50 billion in near-term capital, given that AI data centers require far greater investment than traditional Bitcoin mining facilities. Other miners have followed similar paths: HIVE Digital signed a three-year, $220 million agreement last month 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.