Key Highlights

• TeraWulf shares rose about 6% in Tuesday trading to $22.37, up from a prior close of $21.18, snapping a seven-session losing streak.

• TeraWulf signed a 20-year lease with Anthropic at its Justified Data campus in Hawesville, Kentucky, expected to generate approximately $19 billion in contracted revenue.

• The company also agreed to sell its 50.1% stake in the Abernathy Joint Venture to a Fluidstack-led investor group for about $530 million.

• Morgan Stanley maintains an Overweight rating on the stock with a $41.50 price target.

Anthropic Lease Anchors Long-Term Revenue Visibility

TeraWulf Inc. (NASDAQ:WULF) shares surged in Tuesday trading after the company announced a 20-year lease agreement with Anthropic at its Justified Data campus in Hawesville, Kentucky. The campus is expected to accommodate approximately 401 megawatts of critical IT load, developed in phases with initial capacity expected in service during the second half of 2027 and full capacity reached by early 2028.

TeraWulf is a vertically integrated digital infrastructure company that develops, owns and operates large-scale data centers designed to support artificial intelligence, high-performance computing and other advanced compute workloads. The company has increasingly transitioned from its origins as a bitcoin mining operation toward becoming a dedicated AI infrastructure provider, leveraging its expertise in energy markets and power infrastructure.

Management said the lease, expected to generate approximately $19 billion of contracted revenue over its initial term and supported by investment-grade credit, validates the company's strategy of sourcing power, developing infrastructure, and securing long-duration customer commitments. The announcement follows a February disclosure of the Justified Data campus acquisition, when TeraWulf said it expected to secure a major customer commitment by around the end of the second quarter of 2026.

Abernathy Sale Recycles Capital Into Owned Infrastructure

Separately, TeraWulf agreed to sell its 50.1% ownership interest in the Abernathy Joint Venture, a 168-megawatt AI data center campus in Abernathy, Texas, to an investor group led by joint venture partner Fluidstack. The transaction monetizes TeraWulf's approximately $450 million investment at a premium to invested capital, providing capital that management said will be redeployed into wholly owned AI infrastructure opportunities where the company can capture greater long-term economic value.

TeraWulf shares traded at $22.37, up from a previous close of $21.18, with an intraday range between $22.01 and $25.04. The company's market capitalization stood near $11.08 billion. Morgan Stanley has maintained an Overweight rating on the stock with a $41.50 price target, reflecting continued analyst confidence in the company's transition toward a leading clean-energy AI and high-performance computing data center platform.

Conclusion

TeraWulf's combined announcements mark a significant step in the company's transformation from a bitcoin mining operation into a long-duration AI infrastructure provider, anchored by a landmark lease with one of the industry's leading AI developers. Investors are likely to watch construction progress at the Justified Data campus and further capital deployment from the Abernathy sale proceeds for signals on the pace of the company's infrastructure buildout.

This article is for informational purposes only and does not constitute investment advice. Readers should conduct their own research before making financial decisions.