TeraWulf, a Bitcoin miner through the 2024 cycle, has signed a $19 billion, 20-year agreement to supply power infrastructure to Anthropic's AI data centers, according to the company announcement. The firm will reallocate its power capacity from Bitcoin operations to the AI facility, with initial capacity expected online in the second half of 2027 and full capacity of 401 megawatts reached by early 2028.
The shift marks a capital redeployment in power infrastructure rather than an exit from cryptocurrency mining. TeraWulf continues to operate Bitcoin mining alongside the new arrangement. The Anthropic lease locks in contracted revenue over two decades as AI data center demand strains the power grid, with energy costs and infrastructure capacity emerging as constraints for compute-heavy operations.
TeraWulf co-founder Paul Prager said the company is building capacity at its Justified data campus to serve the lease. The facility will operate at utility scale, with the 401-megawatt figure placing it among large-scale industrial power users. The timeline to full capacity runs through early 2028, subject to execution risk common to infrastructure builds of this scale.
The deal reflects a broader competitive shift in power allocation. Bitcoin mining operations have historically been flexible power consumers, able to shut down or relocate when electricity costs spike. AI infrastructure providers, by contrast, require stable, long-duration power commitments to operate continuously. TeraWulf's decision to dedicate capacity to Anthropic under a 20-year contract subordinates the optionality that made mining operations attractive.
TeraWulf also sold its majority stake in the Abernathy joint venture to FluidStack as part of the restructuring, recycling capital toward the Anthropic build-out. The company's power infrastructure will operate under different dispatch rules and business economics once the AI workloads come online.
