Terawulf has signed a 20-year AI infrastructure lease with Anthropic, expected to generate about $19 billion in contracted revenue.
Key Takeaways
Terawulf signed a 20-year Anthropic lease worth about $19B in contracted revenue.Fluidstack will buy Terawulf’s 50.1% Abernathy stake, freeing capital for AI growth.Justified Data targets 401 MW by early 2028, with AI campuses driving future expansion.Terawulf is reshaping its data center strategy around large-scale artificial intelligence (AI) infrastructure, securing a long-term lease with Anthropic while moving to exit a Texas joint venture.
The campus will support about 401 megawatts of critical IT load and will be developed in phases. Initial capacity is expected to come online in the second half of 2027, with the site reaching full capacity by early 2028. Terawulf said the lease is expected to be supported by an investment-grade credit.
Anthropic Deal Anchors Kentucky CampusThe Anthropic lease gives Terawulf one of the clearest long-term revenue streams in the rapidly expanding AI infrastructure market.
Terawulf acquired the Justified Data campus earlier this year and had told investors it expected to secure a major customer commitment around the end of the second quarter of 2026.
Chairman and CEO Paul Prager said the timing of the announcement reflected the completion of final documentation and customary transaction processes. The lease validates Terawulf’s strategy of sourcing power, developing infrastructure and securing long-duration customer commitments from major AI companies. Prager commented:
Our strategy is centered on owning and operating critical infrastructure assets, maintaining direct relationships with our customers, and controlling the long-term evolution of our campuses. We believe this model provides the greatest opportunity to generate durable cash flows and attractive long-term returns for shareholders.
Abernathy Sale Frees Capital for Wholly Owned ProjectsThe Abernathy Joint Venture was formed in 2025 to develop a 168-megawatt critical IT load AI data center campus in Abernathy, Texas. After the deal closes, Fluidstack will continue leading the project.
Terawulf said the sale monetizes its roughly $450 million investment at a premium to invested capital. The transaction is expected to give the company more capital to redeploy into projects where it has direct ownership, customer relationships, and operational control.
The two transactions show how Terawulf wants to build value across the AI infrastructure cycle: develop campuses, secure long-term customers, monetize mature investments and recycle capital into future growth.
