TeraWulf Exits Bitcoin Mining for $19B Anthropic AI Campus Deal

Published by James Harris on July 6, 2026July 6, 2026

TeraWulf’s stock surged 17% Monday after the former Bitcoin miner announced a 20-year lease with Anthropic for a purpose-built AI campus in Hawesville, Kentucky, with the company projecting roughly $19 billion in contracted revenue from the arrangement. The same day, TeraWulf agreed to sell its 50.1% stake in a Texas joint venture to an investor group led by Fluidstack, exiting a shared project to redeploy capital into sites it owns and controls outright.

The pivot from Bitcoin mining to AI infrastructure is not unique to TeraWulf, but the scale and tenant quality here are different. Mining companies broadly have been converting stranded power capacity into data center hosting, drawn by the contrast between stable long-term leases and the volatility of block rewards, especially after the 2024 halving cut per-block revenue in half. What TeraWulf has done is anchor that transition with one of the most compute-hungry AI labs in operation. Anthropic’s Claude models require the kind of sustained, large-scale training infrastructure that justifies 401 megawatts of critical IT capacity, the full build-out target for the Hawesville campus. The domestic AI procurement environment has also shifted in ways that favor exactly this kind of purpose-built, operator-controlled infrastructure, which partly explains why a tenant of Anthropic’s standing would commit to a 20-year term with a company that was mining Bitcoin three years ago.

The $19 billion headline figure is contracted revenue, not cash in hand, and the first phase of the campus does not come online until the second half of 2027.

TeraWulf’s Q1 numbers illustrate the tension in this transition cleanly: high-performance computing hosting crossed $21 million in revenue while mining contributed roughly $13 million, the first time HPC led, but the company posted $427 million in losses against a balance sheet carrying about $3.1 billion in cash and a similar amount in long-term debt. That debt load matters because the revenue from Hawesville is years away and depends on construction timelines holding and Anthropic remaining a viable counterparty across two decades of AI development. Constellation Research has flagged that smaller cloud providers are accelerating ahead of Meta’s cloud launch, and TeraWulf sits directly in the path of that competitive reshaping. The Kentucky footprint, which includes a separate 285-acre site capable of supporting more than a gigawatt, gives the company room to expand if demand holds, but also means significant capital commitments ahead. The capital rotation narrative playing out across the sector, where balance sheets built on crypto mining are being redirected toward AI infrastructure, is real, but execution risk at this scale is not trivial.

WULF has risen more than 117% year-to-date, trading around $24.14 by late Monday morning per [Google Finance](https://www.google.com/finance/beta/quote/WULF:NASDAQ?sa=X&ved=2ahUKEwjo-cPlpr6VAxUXpIkEHWODBkgQ3ecFKAV6BAg0EAY), which means the market is already pricing in a successful build-out. The question the next 18 months will answer is whether the construction schedule and the tenant hold.