Author: Heart of Computing Power

On the morning of Monday, July 6, 2026, the stock price of Bitcoin mining company TeraWulf (NASDAQ: WULF) jumped high right from the opening, soaring 15% before trading.

What ignited the market was a 20-year long-term lease.

AI giant Anthropic, known for its large models and daily competitions with OpenAI, signed a lease with TeraWulf.

This lease has two core figures.

• The first is the duration: a full 20 years.
• The second is the scale: an IT load capacity of 401 megawatts (MW).

The location is set at a park in Kentucky called “Justified Data.”

This 20-year contract is expected to bring TeraWulf $19 billion in agreed revenue, which is roughly $1 billion per year over the next 20 years.

Securing future cash flow expectations for the next 20 years with a super-long contract from an AI giant is the direct reason for the surge in TeraWulf's stock price.

1. Signing Long-Term Contracts While Selling Assets

On the same day that the $19 billion big deal was announced, TeraWulf also sold an asset.

They sold 50.1% of their stake in a joint venture project in Abernathy, Texas, for approximately $530 million, at a premium, to an investment group led by Fluidstack.

This Texas project was established in 2025 and was planned to have a capacity of 168 megawatts, originally intended for building AI data centers.

On one hand, they are binding a top-tier client like Anthropic, while on the other hand, they liquidate the joint venture project for cash.

These two actions seem contradictory, but they actually align logically:

The Texas project is a joint venture, meaning profits and influence need to be shared.

However, the Kentucky project is entirely owned by TeraWulf, which directly secures Anthropic.

TeraWulf’s CEO Paul Prager has publicly stated that the core strategy is to own and operate infrastructure, directly controlling the long-term development of the park.

So their idea is clear: sell off the joint venture project while it is still at a premium, cash out, and then reinvest everything into their fully owned Kentucky land to focus on serving Anthropic, a big client that can provide $19 billion.

By combining these two actions, TeraWulf has officially shifted its strategic focus from a Bitcoin mining company to strictly top-tier AI facility operations.

2. Renting Land Instead of Selling Computing Power: The Mining Company's Hidden Cards

In fact, TeraWulf is not the first company to transition from Bitcoin mining to earning money in AI.

Established players in the industry, such as IREN, Core Scientific, and Hut 8, are also undergoing transitions.

There are mainly two models for mining companies to transform:

One model is like IREN, which buys GPUs to build AI clouds and directly rents to big clients like Microsoft.

The other model, like TeraWulf, only rents out space and power, with clients bringing their own servers.

TeraWulf chose to be a "big landlord", only providing physical space and power that meet AI standards, without caring about the servers.

Currently, the AI industry faces shortages on both ends: both chips and power are tight.

However, power is a more substantial long-term bottleneck because training large models is extremely power-hungry; the U.S. power grid cannot expand rapidly, with transformers taking three to five years to queue, and 30% to 50% of 2026 data center projects being postponed to 2028.

Thus, AI giants are signing long-term leases (Build-to-suit), essentially competing for physical slots of power and land.

This is the biggest trump card for Bitcoin mining companies.

A few years ago, they secured existing power access and land for mining, having completed the cumbersome power grid approval process.

Anthropic signing this $19 billion, 20-year long-term lease fundamentally aims to secure the available land and power in Kentucky that TeraWulf possesses.

Good locations and ample power grid allocation, if not secured in advance, will only become more expensive and scarcer in the future.

3. An 18-Month Gap Between the $19 Billion

While the $19 billion long-term revenue is undeniably attractive, there is a significant time gap hidden in the contract.

The initial delivery for this Kentucky park will not happen until the second half of 2027, and full production will not begin until early 2028.

But now it is July 2026.

This means that for at least the next year, TeraWulf will not be able to derive any substantial operational revenue from this contract.

However, during the construction period, flattening land, designing facilities, connecting and pulling the power grid, and installing cooling systems—all require investment.

Thus, they are eager to sell the Texas joint venture project, with this transaction totaling approximately $530 million, realizing about $450 million of the initial investment.

After all, early infrastructure is a money-burning black hole.

On the other hand, the value of this 20-year long contract is closely tied to Anthropic's own financial stability.

Anthropic is a top AI company, but the R&D of large models is essentially a cash-consuming elimination race.

The 20-year lease requires tenants to possess strong long-term survival capabilities.

Public information does not break down the profit margins and cost structure of this $19 billion.

And today’s market frenzy is buying into the expectations of future redemption.

When TeraWulf was named, it likely envisioned itself as a "trillion-level wolf".

But it now appears to be more of a real estate wolf.

No longer mining. They are now collecting rent.

In the wave of mining companies transitioning to AI, the most valuable assets have become very clear.

At the end of computing power anxiety, the core competition has reverted to the most traditional business: securing a piece of land and getting power access.

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