Bitcoin Miner TeraWulf Signs $19 Billion AI Data-Center Lease With Anthropic
The artificial intelligence boom has sharply increased AI startups’ demand for data-center power and computing capacity. Against this backdrop, traditional Bitcoin miners facing volatile cryptocurrency revenue are accelerating the conversion of their power-intensive infrastructure. Such moves can provide miners with more stable, long-term revenue while offering a key way to ease power shortages for AI computing, driving deeper infrastructure partnerships between technology companies and miners.
Bitcoin miner TeraWulf signed a 20-year agreement with AI startup Anthropic to provide 401 megawatts of data-center capacity in Kentucky, with the deal expected to generate $19 billion in revenue. Market reports in July 2026 subsequently said TeraWulf was planning to raise $3.5 billion in debt to fund construction of the data center.
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The history behind this eventTeraWulf Q1 HPC Revenue Overtakes Bitcoin Mining for First Time as Miners Pivot to AI
TeraWulf, originally focused on Bitcoin mining, has in recent years repurposed its existing power, land and data-center infrastructure for high-performance computing (HPC) leases to meet demand for AI computing capacity. HPC revenue surpassed mining revenue for the first time in the first quarter of 2026, showing how crypto miners are using long-term computing contracts to reduce their exposure to volatility in cryptocurrency prices and mining returns.
TeraWulf’s first-quarter 2026 results showed that HPC lease revenue accounted for 62% of total revenue, exceeding Bitcoin mining revenue for the first time. The company nevertheless posted a quarterly net loss of $428 million, affected by non-cash items including warrant revaluations. It also spent $300 million to acquire the Hawesville site, accelerating the expansion of its AI computing-capacity leasing business.
TeraWulf Misses Fourth-Quarter Estimates as Bitcoin Mining Revenue Falls, AI Contracts Offer Upside
TeraWulf is a U.S. digital infrastructure company whose operations span Bitcoin mining and data centers for AI and high-performance computing (HPC). Mining revenue is vulnerable to fluctuations in cryptocurrency prices and capacity, making the company’s ability to secure steadier revenue through long-term AI contracts a key measure of its transition and future growth.
TeraWulf’s latest results for the fourth quarter of 2025 missed market expectations, mainly because lower Bitcoin prices weighed on mining revenue. The company also said it had signed AI and HPC contracts worth a combined $12.8 billion and planned to continue expanding its infrastructure in 2026 to support large-scale AI workloads and drive operational growth.
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