TeraWulf is shifting from Bitcoin mining to AI data centers. A 20-year lease with Anthropic covers about 401 MW at its Kentucky campus and could bring in $19 billion in contracted revenue, or up to $33 billion with extensions. The company says 89% of its 2025 power came from low- or zero-carbon sources, helped by nuclear, hydro, and wind on the New York grid. Still, a big contract is not the same as delivered capacity. TeraWulf reported Q2 2026 revenue of $44.8 million, with HPC leases making up 71%. Investors should watch construction timelines, financing costs, and whether the low-carbon power advantage holds as the campus scales. The article argues the energy mix is a real edge, but execution and transparent reporting will decide if it lasts.
