Shares in TeraWulf (WULF) spiked following the announcement, recently trading at $24.05—a nearly 14% jump on the day.
Under the deal announced Monday, Anthropic will occupy a purpose-built campus at TeraWulf's Justified Data site in Hawesville, Ky., a facility expected to eventually support about 401 megawatts of computing 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.
The Maryland-based company, traditionally known for Bitcoin mining, has been pivoting toward AI infrastructure as demand for computing power used to train large language models has surged. Anthropic, the AI company behind the Claude chatbot, is one of several major players racing to secure long-term power and data center capacity as it scales up its models.
In a separate move, TeraWulf agreed to sell its 50.1% stake in the Abernathy Joint Venture—a Texas 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. Fluidstack will take over leadership of the project going forward.
“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.”
