TeraWulf announced a 20-year lease with Anthropic for a purpose-built AI infrastructure campus at its Justified Data site in Hawesville, Kentucky. The campus is expected to support about 401 MW of critical IT load, with initial capacity planned for the second half of 2027 and full ramp targeted for early 2028.

TeraWulf expects roughly $19 billion in contracted lease revenue over the initial term and is also selling its majority stake in the Abernathy Joint Venture.

This matters because former bitcoin-mining infrastructure is being repriced as AI compute capacity.

The second-order risk is execution: power access and long-term contracts look attractive, but construction timing, grid constraints and customer concentration can decide whether the pivot works.

Next, watch buildout milestones, financing terms and whether more miners secure AI tenants.