Shares of TeraWulf rose as much as 12% in early trading on Monday after the company unveiled a long-term lease with Anthropic expected to generate $19 billion in contracted revenue and agreed to monetize its Abernathy investment.

According to the announcement, the data centre operator has signed a 20-year lease with Anthropic for a new AI infrastructure campus in Kentucky while agreeing to sell its 50.1% stake in the Abernathy Joint Venture to a Fluidstack-led investor group, in moves designed to strengthen its AI infrastructure strategy.

The lease at the company’s Justified Data campus in Hawesville will support approximately 401 MW of critical IT load and is expected to deliver roughly $19 billion in contracted lease revenue over its initial term. Construction will be completed in phases, with the campus expected to reach full capacity by early 2028.

At the same time, TeraWulf will exit the Abernathy Joint Venture, realizing its $450 million investment and freeing capital for future wholly owned AI infrastructure developments. The company said the combined transactions would improve long-term revenue visibility while enhancing financial flexibility.