How TeraWulf’s Anthropic Deal Booted Up a $19B AI Empire

TeraWulf Inc. (TRAW) locked in a 20-year lease with Anthropic valued at $19 billion, marking a decisive pivot from cryptocurrency mining to AI infrastructure hosting. The company divested its Abernathy Joint Venture stake for $450 million to finance the 401-megawatt Justified Data campus in Kentucky.

The economics shift dramatically: AI workloads generate approximately $149,000 per megawatt monthly compared to $87,000 per megawatt from mining operations. That 71% revenue uplift per unit of capacity comes with contracted visibility that eliminates mining's reward volatility.

The Anthropic contract transforms TeraWulf's business model from commodity-exposed mining revenue to utility-grade, long-duration cash flows. The $450 million Abernathy sale provides immediate capital to build out the Kentucky facility dedicated to the AI tenant.

High institutional ownership combined with elevated short interest sets up technical pressure points as the company transitions to predictable, margin-rich AI hosting revenue over the two-decade contract term.