Shares of TeraWulf Inc. surged Monday after the Bitcoin miner turned data-center operator announced a 20-year lease agreement with artificial-intelligence start-up Anthropic.
TeraWulf on Monday said it has entered into a 20-year lease agreement with Anthropic for a "purpose-built AI infrastructure campus" at TeraWulf's Kentucky location. The company expects the agreement to generate around $19 billion of contracted revenue over "the initial lease term."
TeraWulf said it expects initial capacity to come online in the second half of 2027 with the full campus operational in 2028.
The company also announced Monday it has agreed to sell its 50.1% ownership in a joint venture established in 2025 to develop a 168 megawatts AI data center campus in Abernathy, Texas. TeraWulf invested $450 million in the join venture.
"The Anthropic lease validates our strategy and establishes a long-duration revenue stream with one of the world's leading AI companies," CEO Paul Prager said in a media release.
Prager added that the lease agreement with Anthropic creates a framework for future expansion.
(END) Dow Jones Newswires