The number that carried SpaceX into the largest initial public offering in history was not a launch cadence figure. It was roughly $75 billion of contracted artificial intelligence revenue, assembled in the six weeks before the June 12 listing and presented to investors as the evidence that the company had become something more durable than a rocket manufacturer. Anthropic agreed in late May to pay $1.25 billion a month through May 2029 for exclusive access to the Colossus 1 facility outside Memphis. Google followed on June 5 with $920 million a month from October 2026 through June 2029 for approximately 110,000 Nvidia GPUs, plus the CPUs, memory and supporting infrastructure around them. Two customers, three-year terms, a combined backlog larger than the annual revenue of most S&P 500 constituents. The roadshow wrote itself.

TeraWulf signed a 20-year lease with Anthropic for its Justified Data campus in Hawesville, Kentucky, a deal expected to generate approximately $19 billion in contracted revenue over the initial term. The announcement sent TeraWulf shares up more than 17% on the day — a striking outcome for a company that started life as a Bitcoin miner.

The scale of the campus. Justified Data is expected to support roughly 401 megawatts of critical IT load once fully built. Initial capacity comes online in the second half of 2027, with the site reaching full capacity by early 2028. That timeline matters: this is a multi-year commitment, not a near-term revenue bump, and the $19 billion figure averages out to roughly $950 million a year across the lease term, with actual cash flows depending on phased delivery and escalation terms.