AI Infrastructure Leap
TeraWulf Secures $19 Billion Anthropic AI Lease, Exits Crypto Mining.
Key Points
B. Riley Securities reaffirmed a Buy rating on TeraWulf with a $32 target, and the stock surged about 15% at the open after the Anthropic and Abernathy news.
As of March 31, 2026, TeraWulf had 522 MW of contracted capacity across its platform, with the Justified Data site at 0 MW contracted and 384 MW open; the 401 MW Anthropic lease would double the company’s contracted AI capacity.
The Abernathy stake sale involves a 168 MW campus sold to a Fluidstack-led group for roughly $530 million, monetizing about $450 million invested capital, with Fluidstack continuing to lead the project after closing.
The Anthropic lease is projected to generate about $19 billion in contracted revenue over the initial term, with average annual rent of roughly $950 million, underlining a substantial revenue stream from the AI infrastructure move.
TeraWulf has signed a 20-year lease with AI company Anthropic for about 401 MW of data center capacity at its Justified Data campus in Hawesville, Kentucky, according to MarketScreener. The deal is expected to generate roughly $19 billion in contracted revenue over the lease term — an average of about $950 million per year.
The company also announced it will sell its 50.1% stake in the Abernathy data center joint venture for about $530 million. Together, the two moves signal a major shift for TeraWulf — away from Bitcoin mining and toward AI infrastructure hosting.
A $19 Billion Bet on Anthropic AI Infrastructure
The lease is structured through TeraWulf's subsidiary, Raylan Data LLC, according to MarketScreener. Anthropic will take roughly 401 MW of critical IT load — the electricity capacity needed to run large data centers. Delivery starts in the second half of 2027, with full capacity expected by early 2028.
The per-MW annual rent works out to about $2.37 million. That rate is higher than what peers have recently secured in similar deals. As of March 31, 2026, TeraWulf had 522 MW of contracted capacity across its platform. The Justified Data site had 384 MW still open. The Anthropic lease would roughly double the company's contracted AI capacity overnight.
Abernathy Sale Frees $530 Million for Wholly Owned Projects
TeraWulf agreed to sell its 50.1% stake in the Abernathy joint venture to a group led by Fluidstack for roughly $530 million. The 168 MW campus represents about $450 million in invested capital, according to MarketScreener. Fluidstack will continue to lead the project after the deal closes.
The sale frees up significant capital. TeraWulf can now focus spending on wholly owned sites like Justified Data. That shift matters — owned campuses let the company keep more of the revenue instead of sharing it with joint venture partners.
Stock Surges 15% as B. Riley Reaffirms Buy at $32
Shares of TeraWulf jumped about 15% at the open after the announcements. Investment bank B. Riley Securities kept its Buy rating on the stock with a $32 price target, according to Blockspace. The firm cited both the Anthropic lease and the Abernathy sale as positive catalysts.
Still, some analysts flagged valuation concerns. GuruFocus noted that multiple models show TeraWulf stock trading at a significant premium to its GF Value benchmark. Insiders have also recently sold shares, which some investors watch as a cautionary signal.
From Bitcoin Miner to AI Data Center Host
TeraWulf started as a Bitcoin mining company. The Anthropic deal marks a clear strategic turn. The company is now positioning itself as an AI infrastructure provider — leasing large blocks of power and data center space to companies that need massive computing capacity.
The $19 billion revenue projection gives TeraWulf long-term visibility it never had as a miner, according to GuruFocus. Bitcoin mining revenue swings with crypto prices. A 20-year lease with a major AI company does not. That stability is the core appeal of the new strategy.
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