TeraWulf strikes $19bn AI lease with Anthropic

TeraWulf has executed a 20-year lease with Anthropic for a purpose-built AI infrastructure campus at its Justified Data site in Hawesville, Kentucky. The company expects this long-duration agreement to generate approximately $19 billion of contracted revenue over the initial lease term, providing substantial visibility on future cash flows.

The lease covers a campus specifically designed to meet the power and density requirements of advanced AI computing. TeraWulf characterizes the contract as expected to be supported by an investment-grade credit, underscoring the perceived quality of the counterparty and the durability of the revenue stream.

The Justified Data campus in Hawesville is planned to support about 401 megawatts of critical IT load. This scale positions the site as a large AI-focused data center complex intended to handle intensive computing workloads over the life of the lease.

Development will proceed in phases. TeraWulf expects initial capacity at the campus to be placed into service in the second half of 2027. The site is then targeted to ramp up to its full 401 megawatt capacity by early 2028, creating a multi-year buildout period aligned with Anthropic’s projected infrastructure needs.

Alongside the Anthropic agreement, TeraWulf has agreed to sell its 50.1% ownership interest in the Abernathy Joint Venture to an investor group led by Fluidstack. The total consideration for the stake is approximately $530 million, structured as three staged payments.

Under the payment schedule, TeraWulf expects to receive $250 million within 14 days of signing, $150 million on or before December 31, 2026, and about $130 million, subject to adjustments, by April 30, 2027. The company states that this transaction monetizes roughly $450 million of invested capital at a premium to its investment basis.

The combination of the long-term Anthropic lease and the Abernathy divestiture reshapes TeraWulf’s asset and revenue profile. The 20-year, investment-grade-backed contract adds a large, contracted revenue stream tied to AI infrastructure demand at the Justified Data campus.

Proceeds from the Abernathy sale provide significant capital while exiting a joint venture position that represented about $450 million of invested capital. Together, these moves realign TeraWulf’s portfolio around the Hawesville AI campus and associated long-duration revenue while crystallizing value from a separate data center investment.