TeraWulf Surges on $19B Anthropic AI Lease, $450M Fluidstack JV Exit

TeraWulf (NASDAQ: WULF) Inc. shares surged in pre-market trading Monday after the company unveiled two major artificial intelligence infrastructure transactions that together reshape its long-term revenue profile and capital strategy.

The stock of WULF rose about 15% before the opening bell, following news that the company has signed a 20-year lease with AI developer Anthropic and agreed to sell its controlling stake in a Texas joint venture to a partner-led investor group.

Under the agreement with Anthropic, TeraWulf will develop a purpose-built AI data center campus at its Justified Data site in Hawesville, Kentucky, with approximately 401 megawatts of critical IT load. The lease is expected to generate roughly $19 billion in contracted revenue over its initial 20-year term, according to the company. Initial capacity is expected to come online in the second half of 2027, with full ramp-up targeted for early 2028. TeraWulf said the arrangement is expected to be supported by investment-grade credit quality, though it did not disclose the counterparty rating.

The scale of the contract places the agreement among the larger long-term infrastructure commitments announced to date in the rapidly expanding AI data center sector, where operators are increasingly locking in multi-decade arrangements with large model developers seeking dedicated compute capacity.

In a separate transaction, TeraWulf said it has agreed to sell its 50.1% ownership stake in the Abernathy joint venture to an investor group led by its partner Fluidstack. The JV, formed in 2025, was developing a 168MW AI data center campus in Abernathy, Texas.

The company said the sale monetizes approximately $450 million of invested capital at a premium and will allow it to redeploy proceeds into wholly owned AI infrastructure projects. Following the transaction, Fluidstack will assume control of development of the Abernathy site.

Chief Executive Paul Prager said the Anthropic lease validates the company’s strategy of developing large-scale campuses anchored by long-duration customer commitments, while the Abernathy divestment reflects a shift toward owning and operating infrastructure where TeraWulf retains direct control of customers and assets.

“TeraWulf’s strategy is centered on owning and operating critical infrastructure assets, maintaining direct relationships with customers, and controlling the long-term evolution of our campuses,” Prager said in a statement.

The twin announcements underscore a broader transition among former bitcoin mining operators toward AI-focused infrastructure development, as demand from hyperscalers and AI model developers accelerates the need for secured power and large-scale compute facilities. Industry participants have increasingly sought long-term leases and build-to-suit arrangements to lock in capacity amid constrained grid availability and rising construction costs.

For TeraWulf, the Anthropic deal significantly extends its contracted revenue visibility, while the Abernathy sale provides immediate capital flexibility at a time when the company is seeking to expand its wholly owned pipeline of AI infrastructure projects.

The company did not disclose additional financial guidance related to the timing or cost of development for the Kentucky campus.