TeraWulf NASDAQ:WULF shares surged about 20% on Thursday after the digital infrastructure company signed a 20-year lease with artificial intelligence startup Anthropic for its Justified Data campus in Kentucky.
The agreement is expected to generate about $19 billion in contracted revenue over its term. TeraWulf said the 401-megawatt AI data center campus is scheduled to begin operations in the second half of 2027, with full capacity expected by early 2028.
Separately, TeraWulf said it entered an agreement to sell its 50.1% ownership interest in the Abernathy Joint Venture to an investor group led by Fluidstack. The transaction monetizes an investment valued at about $450 million.
TeraWulf said proceeds from the sale are expected to strengthen its balance sheet and provide additional capital for wholly owned AI infrastructure projects. The company is increasingly focusing on supporting the growing computing needs of artificial intelligence workloads through dedicated data center capacity.
The announcements come as demand for AI infrastructure continues to accelerate, with technology companies expanding investments in high-performance computing facilities to support large-scale AI model development and deployment.