The most valuable real estate in AI right now is a shut‑down aluminum smelter in Kentucky.


@AnthropicAI signed a $19B, 20‑year lease for 401 megawatts at TeraWulf’s Hawesville campus, a former smelting site with roughly 480 megawatts of legacy grid connection. TeraWulf did about $1B in revenue last year; this single contract is worth almost twenty years of that.
The asset is the power hook‑up. You can manufacture more chips. You cannot create megawatts overnight.
Every bitcoin miner sitting on stranded power is turning into an AI landlord:
> Hut 8 has a $7B, 15‑year deal with Anthropic
> IREN is chasing a multibillion‑dollar campus
> Core Scientific, Cipher, and Riot are all running the same pivot.
Anthropic is now stitching together multi‑gigawatt power commitments and signing 15‑ to 20‑year obligations on sites that won’t be fully live until 2028.
They’ve never turned a profit. They’re locking in the grid first and betting the business model will catch up
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