TeraWulf $WULF up 16% premarket on Anthropic 20-year, $19B lease

TeraWulf $WULF moved more than 16% higher in premarket trading on July 6 after Anthropic signed a 20-year lease for a Kentucky data center expected to generate about $19B over its initial term, according to CNBC.

The Hawesville, Kentucky site is planned for roughly 400 MW of capacity, with first power delivery expected in the second half of 2027. For a company that moved from crypto mining toward AI infrastructure, the contract gives investors a long-duration revenue number rather than another capacity target without a named tenant.

The stock reaction meets the Tier-1 threshold because the move was above 8% and tied to a specific commercial catalyst. CNBC reported that TeraWulf shares were already up more than 80% for the year before the premarket move, so the new lease adds to an existing re-rating around AI data-center demand.

The market stake is capacity scarcity. AI labs need large power commitments, and public data-center suppliers are being valued on the timing, credit quality, and size of tenant contracts. A 400 MW project with a 20-year term gives TeraWulf a backlog-style figure that can be compared with power costs, buildout spending, and financing needs.

The next checkpoints are the final power-delivery schedule, construction financing, and any disclosure from TeraWulf on margin assumptions for the $19B revenue figure. Investors will also watch whether additional AI tenants sign similar long-term leases with former mining infrastructure operators.

Not investment advice. Verify all figures with primary sources before acting.