NEW YORK, July 6, 2026, 10:01 EDT
- TeraWulf NASDAQ:WULF inked a 20-year lease with Anthropic for an AI campus in Kentucky. The deal covers about 401 MW of critical IT load and brings in around $19 billion in contracted revenue over the base term.
- The lease works out to about $2.37 million per MW each year, which is higher than recent Applied Digital NASDAQ:APLD AI lease comps that have been disclosed.
- TeraWulf said in an 8-K that the Abernathy stake deal totals roughly $530 million, with the payments scheduled through April 2027.
- TeraWulf gained 17.6% early, with CoreWeave NASDAQ:CRWV, IREN NASDAQ:IREN, Hut 8 NASDAQ:HUT, and Applied Digital up as well.
TeraWulf Inc. NASDAQ:WULF has signed a 20-year lease with Anthropic for its Justified Data campus in Hawesville, Kentucky. The deal sets a new public benchmark for AI data-center space at roughly $2.37 million per MW per year, not counting renewals or any pass-through items.
TeraWulf’s disclosed figures put the lease at about $19 billion across the initial run. The campus is set for roughly 401 MW of IT load. First capacity is expected in the back half of 2027, with full buildout planned for early 2028. CEO Paul Prager said the agreement “validates our strategy,” and proves the company can “source power, develop infrastructure, and secure long-term customer commitments.” TeraWulf Inc.
Investors care about price per MW. By that measure, the Anthropic lease is higher than the two latest Applied Digital AI leases with U.S. hyperscalers.
| Deal | Base value | Base term | Capacity | Implied $ mln/MW/year | Source |
|---|---|---|---|---|---|
| TeraWulf NASDAQ:WULF and Anthropic, Kentucky | $19.0 bln | 20 yrs | 401 MW | 2.37 | Company |
| Applied Digital NASDAQ:APLD Delta Forge 2 | $5.2 bln | 15 yrs | 210 MW | 1.65 | Reuters |
| Applied Digital NASDAQ:APLD Delta Forge 1 | $7.5 bln | 15 yrs | 300 MW | 1.67 | Reuters |
| TeraWulf and Fluidstack, Lake Mariner | $3.7 bln | 10 yrs | more than 200 MW | less than 1.85 | Company |
The numbers are approximate. They don’t factor in lease terms, renewal rights, power passthroughs, rate hikes, service coverage, or delivery risk. Still, they offer investors a simple gauge for current market pricing on AI space with dedicated power.
TeraWulf’s average annual revenue from its Anthropic lease is $950 million. The company posted $21.0 million in HPC lease revenue for the first quarter of 2026, and said it had 60 critical IT megawatts of energized HPC leasing capacity as of March 31. TeraWulf also mined 168 bitcoin during the quarter worth $12.99 million. The Anthropic lease brings in about 11 times as much as annualized first-quarter HPC lease revenue.
AI infrastructure stocks moved higher. As of 9:46 a.m. EDT, TeraWulf climbed 17.6% to $24.91. IREN gained 12.5%. Hut 8 added 11.4%, Applied Digital was up 7.7%, and CoreWeave rose 5.5%.
| Company | Last price | Move | Investor read-through |
|---|---|---|---|
| TeraWulf NASDAQ:WULF | $24.91 | +17.6% | Wins contract directly |
| IREN NASDAQ:IREN | $43.68 | +12.5% | Pitched as mining-to-AI play |
| Hut 8 NASDAQ:HUT | $108.22 | +11.4% | AI data center angle |
| Applied Digital NASDAQ:APLD | $35.62 | +7.7% | Similar for lease pricing |
| CoreWeave NASDAQ:CRWV | $86.22 | +5.5% | Comped as AI cloud |
TeraWulf gets more immediate cash from the second deal. The company’s filing says Big Country Wulf LLC will sell its full stake in FS CS I LLC to Fluidstack and other buyers for around $530 million. Payment splits $250 million in the next two weeks, $150 million by the end of 2026, and about $130 million by late April 2027. Final sums can change. The company release called it a premium monetization of about $450 million already invested.
The difference isn’t small. Most headlines talked about the $450 million investment, but filings show the sale price is closer to $530 million. The cash comes up front, with Anthropic set to pay rent only after the leased spaces are handed over.
Credit support remains unresolved. TeraWulf said Anthropic expects its payment obligations to be backed by investment-grade credit, but didn’t identify who will provide it. Reuters said on June 11 that Anthropic had been looking for financial support from Alphabet’s Google NASDAQ:GOOGL for lease payments on data centers. Google told Reuters it doesn’t comment on rumors or speculation.
The 8-K spells out the main risks for the stock now. TeraWulf has to finish building its campuses as scheduled and inside budget, meet its lease terms, lock in financing that works for it, and control both the price and supply of power.
