The deal converts a former Bitcoin mining campus into a long term home for Anthropic, the AI lab behind Claude, in one of the largest AI infrastructure commitments publicly announced.
TeraWulf, a former bitcoin-mining operator that ran GPU rigs for cryptocurrency for years, has signed a 20-year lease worth roughly US$19 billion to host AI lab Anthropic's compute workloads at its Justified Data Campus in Kentucky. It is among the largest AI infrastructure lease commitments publicly disclosed.
The deal, announced Monday via a Form 8-K filed with the SEC, converts a campus originally built to mine bitcoin into a long-term home for Anthropic, the AI lab behind Claude, according to a TeraWulf press release. The full press release, filed as Exhibit 99.1, ties the Justified lease to TeraWulf's broader pivot from proof-of-work mining toward AI and high-performance computing hosting. The 8-K specifies approximately 401 MW of critical IT load at the campus, with initial capacity expected in the second half of 2027 and full capacity by early 2028. A 20-year term gives Anthropic a fixed compute footprint while the largest AI labs compete to lock in capacity ahead of their peers.
That fit is not accidental. Bitcoin mining sites were built around multi-megawatt power contracts, substation-scale grid interconnects, and land already permitted for high-density electrical load, the same prerequisites as AI training clusters. As GPU-heavy training drove a structural shortage of grid capacity, those legacy assets shifted from a depreciating business into a redeployable platform. Crypto-industry outlet The TFTC places the Anthropic lease inside a broader contest among AI labs for grid access; TechTimes frames the stock reaction and the wider AI power crunch.
The $19 billion is contracted revenue over the full lease term, not an upfront payment and not an annualized run-rate. It will be recognized over two decades against whatever build-out costs and operational obligations TeraWulf takes on, and the lease's economics for the host depend on power availability, phased commissioning, and how much of the campus actually goes live. The press release does not independently break out square footage.
Anthropic has not publicly stated what it will run at the campus, whether the workloads will replace or augment capacity the lab already operates, or how the Justified lease fits alongside Anthropic's existing relationships with hyperscalers and other GPU hosts. TeraWulf simultaneously announced the sale of its majority interest in the Abernathy joint venture to Fluidstack, a separate transaction that reshuffles who owns and operates the surrounding infrastructure; its terms have not been broken out.
Together the two announcements describe a bet: the power, land, and grid interconnect contracts TeraWulf accumulated during the bitcoin-mining cycle are now directly usable as AI-hosting assets, and a multi-decade lease is the price of admission for a top-tier lab. What the deal now has to prove is how quickly the campus reaches commercial operation, how much of the $19 billion actually books as revenue, and where Anthropic's frontier model work runs while the Justified build-out progresses.