TeraWulf Lands $19 Billion Anthropic Power Deal for 20 Years of AI Data Centers
Updated
Updated · CNBC · Jul 16
TeraWulf Lands $19 Billion Anthropic Power Deal for 20 Years of AI Data Centers
3 articles · Updated · CNBC · Jul 16
Summary
$19 billion is the value of TeraWulf’s new 20-year agreement to supply power for Anthropic’s AI data centers, marking one of the biggest contracts yet for bitcoin-turned-AI power providers.
AI infrastructure demand is driving the shift: TeraWulf and peers such as Hut 8, Cypher Digital and CleanSpark are signing long-term power contracts with hyperscalers and large tech customers.
Comparable deals are already reshaping the sector’s valuation case, with Hut 8 previously signing a 15-year, $9.8 billion contract and CleanSpark landing its own two-decade agreement in Georgia.
Morgan Stanley analyst Stephen Byrd said those large contracts should reset valuations, keeping him bullish on TeraWulf even after gains; his $72 target implies the stock could roughly triple.
New York’s one-year ban on new data centers adds a policy risk for the fast-growing market, though TeraWulf CEO Paul Prager said it does not change expectations for the company’s Lake Hawkeye project.