TeraWulf is turning a former crypto-mining power strategy into a long-term AI infrastructure business. The company said it has signed a 20-year lease with Anthropic at its Justified Data campus in Hawesville, Kentucky, a contract it expects to generate about $19 billion of revenue over the initial term.

The deal covers a campus planned for about 401 megawatts of critical IT load. TeraWulf says initial capacity is expected in the second half of 2027, with the site ramping to full capacity by early 2028. The company also said it will sell its 50.1% stake in the Abernathy joint venture to an investor group led by Fluidstack, freeing capital for infrastructure it wholly owns.

In a CoinDesk interview, CEO Paul Prager framed the Anthropic lease as evidence that AI customers are competing for more than raw power. He said site control, grid access, construction capability, and long-term operations matter, and that TeraWulf has hired Fluor to help build the Kentucky project.

The shift is notable because TeraWulf built its profile as a Bitcoin miner with access to large power assets. Prager told CoinDesk that Bitcoin mining no longer fits the company's long-term model because AI leases can provide more predictable contracted cash flow. The broader signal is familiar across the sector: energy-backed crypto infrastructure companies are increasingly being valued for whether they can serve hyperscale AI demand.