TeraWulf (NASDAQ:WULF) has announced a landmark 20-year lease agreement with Anthropic for an artificial intelligence campus in Hawesville, Kentucky. The deal, which covers approximately 401 megawatts of critical IT load, is expected to generate around $19 billion in contracted revenue over its base term, setting a new public benchmark for AI data-center lease pricing.
The lease works out to an implied rate of roughly $2.37 million per megawatt per year, surpassing recent comparable deals from Applied Digital (NASDAQ:APLD) with U.S. hyperscalers. This higher pricing underscores the growing demand for dedicated AI infrastructure and TeraWulf's ability to secure premium long-term commitments.
In addition to the Anthropic lease, TeraWulf disclosed a separate transaction involving its stake in FS CS I LLC. The company will sell its full interest to Fluidstack and other buyers for approximately $530 million, with payments scheduled through April 2027. This deal includes an upfront cash component of $250 million within the next two weeks, followed by $150 million by the end of 2026 and about $130 million by late April 2027.
The news sent TeraWulf shares up 17.6% in early trading, reaching $24.91. Other AI infrastructure stocks also rallied, with IREN (NASDAQ:IREN) gaining 12.5%, Hut 8 (NASDAQ:HUT) rising 11.4%, Applied Digital adding 7.7%, and CoreWeave (NASDAQ:CRWV) climbing 5.5%.
The Anthropic lease represents a significant revenue boost for TeraWulf. Based on the disclosed figures, the average annual revenue from this lease is approximately $950 million. In comparison, the company reported $21.0 million in HPC lease revenue for the first quarter of 2026, with 60 critical IT megawatts of energized HPC leasing capacity as of March 31. The new lease thus brings in about 11 times as much as the annualized first-quarter HPC lease revenue.
First capacity from the Anthropic campus is expected in the second half of 2027, with full buildout targeted for early 2028. TeraWulf CEO Paul Prager said the agreement "validates our strategy" and proves the company can "source power, develop infrastructure, and secure long-term customer commitments."
However, the filing also outlines key risks. TeraWulf must complete construction on schedule and within budget, meet lease terms, secure favorable financing, and control power prices and supply. Additionally, credit support for Anthropic's payment obligations remains unresolved, with the company indicating that Anthropic expects investment-grade backing, though no provider has been identified.
Investors are closely watching the implied price per megawatt as a simple gauge for current market pricing on AI data-center space with dedicated power. The TeraWulf-Anthropic deal sets a new high, outpacing Applied Digital's recent leases at $1.65 million per MW per year for Delta Forge 2 and $1.67 million per MW per year for Delta Forge 1.
