TeraWulf Inc. (Nasdaq: WULF) has signed a 20-year lease agreement with Anthropic at its Justified Data campus in Hawesville, Kentucky, a deal the company expects to generate approximately $19 billion of contracted revenue over its initial term. The agreement, announced July 6, 2026, is one of the largest single-customer data center commitments on record and underscores how demand for AI infrastructure is reshaping the economics of the power-hungry facilities that train and run large language models.
The campus will accommodate approximately 401 megawatts (MW) of critical IT load and will be developed in multiple phases, according to TeraWulf's official announcement. Initial capacity is expected to be placed into service during the second half of 2027, with the site ramping to the full 401 MW by early 2028. The lease is expected to be supported by an investment-grade credit, a detail that signals Anthropic's financial heft as the Claude maker scales compute for frontier model development.
A Crypto Miner's Pivot to AI Infrastructure
The deal also marks a milestone in TeraWulf's transformation. The Easton, Maryland-based company began as a bitcoin mining operator and has spent the past two years pivoting toward purpose-built AI data center infrastructure, a strategy that has paid off as hyperscalers and AI labs compete for scarce power. CNBC reported that TeraWulf's stock soared on the news and is up more than 80% year to date.
"The Anthropic lease validates our strategy and establishes a long-duration revenue stream with one of the world's leading AI companies," said Paul Prager, TeraWulf's Chairman and Chief Executive Officer. He added that the lease "provides approximately $19 billion of contracted lease revenue over its initial term, creates a framework for future expansion, and demonstrates the value of our ability to source power, develop infrastructure, and secure long-term customer commitments."
The Justified Data campus acquisition was first announced in February 2026. At the time, TeraWulf told investors it expected to secure a major customer commitment by around the end of the second quarter of 2026 — a timeline the Anthropic deal now fulfills.
A Separate $450 Million Abernathy Sale
Alongside the Anthropic lease, TeraWulf disclosed a second transaction: the sale of its entire 50.1% ownership interest in the Abernathy Joint Venture to an investor group led by Fluidstack, its joint venture partner and an AI cloud infrastructure provider. The Abernathy Joint Venture was established in 2025 to develop a 168 MW AI data center campus in Abernathy, Texas.
The sale monetizes TeraWulf's roughly $450 million investment at a premium to invested capital, freeing up capital to redeploy into wholly owned AI infrastructure opportunities. Following the close, Fluidstack will continue to lead the Texas project.
Prager framed the two transactions as complementary: the Anthropic lease locks in long-duration revenue, while the Abernathy sale "crystallizes the value created through that investment and generates significant capital for redeployment into infrastructure platforms where we maintain direct ownership, customer relationships, and operational control."
Why the Deal Matters for the AI Industry
The scale of the commitment reflects a broader trend. AI labs need reliable access to enormous amounts of electricity and cooling, and operators that can secure power, land, and grid connections have become strategic partners rather than commoditized landlords. A 20-year lease is unusually long for the sector, giving Anthropic guaranteed capacity well into the next decade and giving TeraWulf predictable cash flows to finance further build-out.
The Kentucky site also illustrates how former cryptocurrency mining facilities — already connected to large power supplies — are being repurposed for AI workloads. That conversion is becoming a defining feature of the AI infrastructure boom, as traditional data center supply struggles to keep pace with the compute demands of frontier model training and inference.
TeraWulf said the transactions position the company for its next phase of growth, centered on owning and operating critical infrastructure assets and maintaining direct customer relationships. "We believe this model provides the greatest opportunity to generate durable cash flows and attractive long-term returns for shareholders," Prager said.
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