Key Highlights
- TeraWulf shares surged over 15% following the Anthropic lease announcement.
- The $19 billion deal supports a 401 MW AI infrastructure campus in Kentucky.
- The project will focus on AI and high-performance computing workloads.
TeraWulf Inc. (NASDAQ: WULF), a U.S.-based digital infrastructure company that operates data centers for Bitcoin mining and artificial intelligence (AI), saw its shares surge 15.30% on Monday to $24.42 as of 10:31 AM EDT.
According to Google Finance data, the stock opened at $24.15, fell to an intraday low of $23.38, and then climbed sharply to a high of $25.15. Trading volume reached nearly 29.14 million shares, above the average of 28.34 million. The company’s market capitalization stood at approximately $12.13 billion.
The rally followed the announcement of a 20-year lease agreement with AI company Anthropic. The deal marks another step in TeraWulf’s transition from Bitcoin mining toward high-performance computing (HPC) and AI infrastructure.
What is the Terawulf-Anthropic deal?
According to the company’s announcement, TeraWulf Inc. today signed a 20-year lease agreement with leading AI company Anthropic. The deal involves the development of a purpose-built AI infrastructure campus at TeraWulf’s Justified Data site in Hawesville, Kentucky.
It will support up to 401 MW of critical IT load dedicated to high-performance computing (HPC) and AI workloads. Capacity will be delivered in phases, with initial operations commencing in the second half of 2027 and full capacity expected by early 2028.
Breakout pattern visible in WULF chart
The one-day chart shows the stock breaking above several short-term resistance levels after a sharp early-session rally before consolidating above $24.
Year-to-date, TeraWulf has delivered positive returns, gaining over 111%, with the stock climbing from around $11–$12 levels earlier in 2026 to its current range near $24. The 52-week high stands at $29.84, suggesting further upside potential if the Anthropic partnership delivers on expected revenue and utilization milestones.
HPC leasing surpasses Bitcoin mining at TeraWulf
Earlier this year, TeraWulf reported in its Q1 2026 financial results that its high-performance computing (HPC) business was generating more revenue than its Bitcoin mining operations for the first time.
The company posted total revenue of $34.0 million for the quarter ended March 31, 2026, compared to $34.4 million in the prior year. HPC leasing contributed $21.0 million, while Bitcoin mining generated just under $13.0 million. CEO Paul Prager highlighted the achievement, noting that this marks the first quarter where HPC leasing is meaningfully reflected in the financials.
Execution remains a key focus
While the Anthropic agreement expands TeraWulf’s AI infrastructure business, the project will be developed over several years, with initial operations expected in late 2027 and full capacity in early 2028.
The company will need to execute on construction timelines, capital investment, and customer deployment as it continues shifting its business toward AI infrastructure alongside its existing Bitcoin mining operations.
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