Bitcoin miners jump 14% as $19B AI deal reshapes the sector

TeraWulf shares surged nearly 14% to $24.05 after the Bitcoin miner signed a 20-year lease with Anthropic for a 401-megawatt AI data center campus in Hawesville, Kentucky, a deal expected to generate roughly $19 billion in revenue. The announcement pushed a slate of mining stocks higher as investors priced in a structural shift from proof-of-work to AI compute.

"This lease represents a landmark partnership that transforms TeraWulf's business model," Paul Prager, chairman and chief executive officer at TeraWulf, said. "The timing reflects the completion of final documentation and customary transaction processes, and we are proud to announce this partnership with Anthropic."

The first phase of the Justified Data campus is slated to come online in the second half of 2027, with full 401 MW capacity expected by early 2028. TeraWulf also agreed to sell its 50.1% stake in the Abernathy Joint Venture in Texas to a group led by partner Fluidstack, monetizing its roughly $450 million investment at a premium. IREN shares rose more than 13%, Hut 8 gained 12%, and Cipher Digital climbed 11%. Keel Infrastructure, which rebranded from Bitfarms and exited Bitcoin mining entirely to focus on AI, added 10%.

The broader trend reflects a structural shift in the mining sector. Publicly traded Bitcoin miners collectively hold significant energy infrastructure and data center capacity — assets that are increasingly scarce as AI companies race to secure long-term power contracts for training large language models. Anthropic, the AI company behind the Claude chatbot, is one of several major players competing for data center capacity as it scales its models. American Bitcoin Corp. said its Bitcoin reserve has moved above 8,000 BTC after its latest treasury update, underscoring that some miners are maintaining their crypto exposure even as they diversify into AI.

What the AI pivot means for mining stocks

For investors, the pivot introduces a dual-revenue model that could reduce the sell pressure historically associated with Bitcoin miners. Mining companies that repurpose their power infrastructure for AI compute can generate recurring, contract-based revenue streams with investment-grade counterparties, rather than relying solely on Bitcoin's price and block rewards. TeraWulf said the Anthropic lease is expected to be supported by an investment-grade credit rating.

The trade-off is execution risk. Building out 401 MW of AI-ready data center capacity requires construction timelines, regulatory approvals, and technical expertise that differ from running a Bitcoin mining operation. TeraWulf's first phase is more than a year away, leaving room for delays or cost overruns. Still, the market is rewarding the strategy: WULF has more than doubled year-to-date as the company has shifted its narrative from mining to AI infrastructure.

This article is for informational purposes only and does not constitute investment advice.