TeraWulf has secured a lease agreement valued at approximately $19 billion with Anthropic, putting the company's strategy of repurposing former industrial and power-adjacent sites for AI compute to a major test. The deal would make Anthropic one of TeraWulf's anchor tenants and represents a significant revenue commitment for the relatively young data center operator. Execution risk centers on whether TeraWulf can deliver power and fiber at the scale and timeline Anthropic requires.
The $19 billion figure, if realized, would rank among the largest data center lease commitments ever signed and validates the brownfield conversion model as a viable path for AI compute capacity. It also signals that AI companies like Anthropic are willing to commit to long-term, large-scale infrastructure contracts rather than relying solely on hyperscaler cloud services.
Triggered by the $19 billion figure, named companies TeraWulf and Anthropic, and the brownfield strategy keyword. The lease size and the AI-native tenant identity ranked this above smaller market transactions in this run.