The compute land-grab now runs 20 years deep. TeraWulf, a Nasdaq-listed former bitcoin miner, said on July 6, 2026 it had signed a two-decade lease with Anthropic worth roughly $19 billion — more than the company's entire market value.
The deal
Anthropic will lease up to 401 megawatts of AI computing capacity at TeraWulf's Justified Data campus in Hawesville, Kentucky. The 20-year term is expected to generate about $19 billion in contracted revenue, with initial operations beginning in late 2027 and full capacity online in early 2028.
A miner reborn
TeraWulf is the latest crypto miner to pivot to AI hosting, repurposing the power contracts, land and grid interconnects it already held. The scale of the deal — a $19 billion contract against a roughly $12 billion market capitalization — sent its shares soaring. Alongside it, TeraWulf sold its entire 50.1% stake in the Abernathy data-center joint venture in Texas to an investor group led by Fluidstack for about $530 million, freeing cash to expand campuses it owns outright.
Why Anthropic
For Anthropic, the lease locks in long-duration capacity as power — not chips — hardens into the binding constraint on AI. Committing to 401 MW through 2047 diversifies its compute beyond its cloud partnerships and secures a slice of the scarce, hard-to-permit resource that everyone in the industry is now chasing.
The pattern
The lease is one more data point in a financing and buildout wave: Crusoe in talks to raise $3 billion, Amazon tapping the bond market for $25 billion, National Grid committing $1.75 billion to dedicated AI power. The risk sits in the timeline — contracted revenue is not realized revenue, delivery stretches to 2028, and TeraWulf now leans heavily on a single marquee tenant.