TeraWulf Stock: What the $19 Billion Anthropic Lease Changes for WULF

Summary

TeraWulf announced two transactions before the open on July 6, 2026. Through its subsidiary Raylan Data LLC, the company signed a 20-year lease with Anthropic for a purpose-built AI infrastructure campus at its Justified Data site in Hawesville, Kentucky [1][2]. The campus will carry roughly 401 MW of critical IT load, built in phases: initial capacity in service during the second half of 2027 and the full 401 MW by early 2028. The lease is expected to generate approximately $19 billion of contracted revenue over the initial term, with investment-grade credit support expected behind it; rent begins as each portion of the premises is delivered, with options to extend [1][2]. Separately, TeraWulf agreed to sell its entire 50.1% interest in the Abernathy Joint Venture to an investor group led by Fluidstack for roughly $530 million [1]. The stock closed at $21.18 on Thursday, July 2 (Friday was a U.S. market holiday), indicated about 16% higher in Monday's premarket [3], traded up as much as roughly 20% after the open [4], and was near $23.80 — up about 12.3% from the prior close, on volume above 24 million shares — around 10:08 a.m. ET on July 6, with the quote still moving.

What changed

Coming into today, TeraWulf was a former bitcoin miner pivoting into AI infrastructure, still waiting to prove it with a marquee tenant. When it acquired the Justified Data campus in February 2026, CEO Paul Prager said the company expected to secure a major customer commitment around the end of the second quarter [5]. The market grew impatient: WULF fell 17% in the week before the announcement, even while sitting on an 84% year-to-date gain [5]. The customer has now arrived, and for twenty years.

The economics, on the disclosed terms: $19 billion over 20 years averages about $950 million per year, or roughly $2.4 million per MW-year at full capacity — derived arithmetic for scale, since actual rent phases in only as premises are delivered [2]. The phrase that matters most for financing is "expected to be supported by an investment-grade credit" [1]: a two-decade contracted revenue stream with that kind of counterparty support is the collateral infrastructure lenders underwrite against.

The second transaction funds the strategy. TeraWulf will sell its 50.1% stake in the Abernathy Joint Venture — formed in 2025 with Fluidstack to build a 168 MW campus in Abernathy, Texas — to a Fluidstack-led investor group for about $530 million, paid in three installments: $250 million within 14 days of signing, $150 million by December 31, 2026, and roughly $130 million, subject to adjustments, by April 30, 2027, as laid out in the company's Form 8-K [2]. That monetizes an investment of about $450 million at a premium, hands the project to Fluidstack to keep leading, and recycles capital into campuses TeraWulf owns outright, per the company [1].

Why it matters

Duration transforms financing. Data-center construction at this scale is a capital-markets exercise, and after today a lender sees: twenty years of contracted payments, expected investment-grade support, and a tenant committed through 2048 [1]. That is how a company that started the day with a roughly $10.5 billion market value (measured at the July 2 close of $21.18 [5]) can credibly fund multi-hundred-megawatt builds. The day-to-day reaction is tracked on the TeraWulf (WULF) stock page.

Kentucky is becoming TeraWulf's center of gravity. Justified Data in Hawesville — about an hour southwest of Louisville [3] — now has its anchor tenant, and the company separately holds the Muskie Data Campus site in Eastern Kentucky, which it has said could support more than a gigawatt of capacity [5], alongside the Lake Mariner expansion in New York. The Abernathy sale shows the other half of the model working: develop with a partner, monetize at a premium, redeploy into wholly owned assets [1].

For the sector, the tenant list just got longer. Single-tenant AI campus leases of this size have mostly been hyperscaler territory; an AI lab anchoring 401 MW for twenty years extends the set of counterparties that can underwrite this kind of infrastructure.

What to watch

Construction milestones come first: first power delivery to the Anthropic facility in the second half of 2027, when rent begins on delivered premises, and the ramp to the full 401 MW by early 2028 [1][2]. Watch for any additional lease agreements or capacity commitments across Muskie and Lake Mariner [5], financing announcements for the Justified Data build, updates at TeraWulf's next results on our earnings calendar, and the Abernathy installments actually landing on the schedule set out in the Form 8-K — $250 million within two weeks, $150 million by year-end, the rest by April 2027 [2]. And treat the tape with care: the price, volume, and market-cap figures in this piece are snapshots from a fast-moving morning, each stamped with its time and source, and should be read against a live quote rather than as the day's final word.

Why is TeraWulf (WULF) stock up today?

TeraWulf announced a 20-year lease with Anthropic on July 6, 2026 for a purpose-built AI infrastructure campus at its Justified Data site in Hawesville, Kentucky, expected to generate approximately $19 billion of contracted revenue over the initial term [1]. On the same morning it agreed to sell its 50.1% Abernathy Joint Venture interest to a Fluidstack-led group for about $530 million [1]. The stock, which closed at $21.18 on July 2, was indicated about 16% higher premarket [3], traded up as much as roughly 20% after the open [4], and was near $23.80 (+12.3%) around 10:08 a.m. ET.

TeraWulf–Anthropic lease: quick answers

WULF price snapshots on July 6, 2026 — timestamped

The stock moved quickly through premarket and the open; each figure above is valid only at its stated time.

What could move WULF next?

• Construction milestones and first power delivery in H2 2027: rent starts only as premises are delivered, so the schedule is the revenue [1][2].
• Ramp to full 401 MW by early 2028 at the Justified Data campus [1].
• Additional lease agreements or capacity commitments across the Muskie Data Campus (Eastern Kentucky, over 1 GW potential) and Lake Mariner [5].
• Financing for the build: the company has used high-yield debt before ($3.2B for Lake Mariner); terms of any new financing will set the economics [5].
• Abernathy installments landing: $250M within 14 days of signing, $150M by December 31, 2026, ~$130M (subject to adjustments) by April 30, 2027 [2].