TeraWulf shares jumped after the Bitcoin miner announced a 20-year AI infrastructure lease with Anthropic, valued at $19 billion in revenue, and the sale of its majority stake in a separate AI data center joint venture. The dual moves mark a strategic pivot for the firm, which historically focused on cryptocurrency mining.
The $19 billion lease with Anthropic, the AI company behind Claude, is expected to generate recurring revenue over two decades. TeraWulf also sold its controlling interest in a data center joint venture, though specific financial terms of that sale were not disclosed in the sources.
The news rippled across the Bitcoin mining sector, with major mining stocks surging in sympathy. Analysts are viewing the deal as a validation of mining infrastructure's adaptability for high-performance computing and AI workloads.
A counter argument: The long-term nature of the lease—20 years—exposes TeraWulf to risks around AI demand fluctuations and Anthropic's own financial stability. If the AI market cools or Anthropic's growth stalls, the revenue projections could prove optimistic.