Anthropic Signs $19B, 20-Year Lease at TeraWulf Justified Kentucky Campus
TeraWulf and Anthropic executed a 20-year lease for a 401 MW purpose-built AI infrastructure campus in Hawesville, Kentucky expected to generate about $19 billion in contracted revenue.
Key Takeaways
TeraWulf (Nasdaq: WULF) signed a 20-year lease with Anthropic on July 6, 2026 for a purpose-built AI campus at its Justified Data site in Hawesville, Kentucky, expected to generate about $19 billion in contracted revenue.
The Justified campus will deliver roughly 401 MW of critical IT load in phases, with initial capacity online in the second half of 2027 and full ramp by early 2028.
In a companion deal, TeraWulf is selling its 50.1% stake in the 168 MW Abernathy Joint Venture in Texas to a Fluidstack-led investor group at a premium to its roughly $450 million investment.
The lease anchors Anthropic's multi-gigawatt capacity roadmap alongside Google TPU and Blackstone-Broadcom XPV arrangements, and cements TeraWulf's pivot from bitcoin mining to long-duration hyperscaler leases.
CEO Paul Prager said AI power demand is 'the tip of the iceberg,' noting TeraWulf now controls 2.3 gigawatts across Justified, Lake Mariner, Lake Hawkeye, Chesapeake and Muskie sites.
Kaan Tınmaz
Digital infrastructure operator TeraWulf Inc. (Nasdaq: WULF) announced on July 6, 2026 that it has executed a 20-year lease agreement with Anthropic for a purpose-built AI infrastructure campus at its Justified Data site in Hawesville, Kentucky. The lease is expected to generate approximately $19 billion of contracted revenue over the initial term, one of the largest single-tenant hyperscale commitments announced this year.
401 MW of Anthropic Capacity in Rural Kentucky
The Justified campus will accommodate roughly 401 MW of critical IT load and be developed in multiple phases. Initial capacity is expected to come online in the second half of 2027, with the site ramping to full 401 MW by early 2028. TeraWulf described the underlying customer credit as investment-grade, echoing the multi-gigawatt commitments Anthropic has been assembling across custom silicon and cloud partners.
Abernathy JV Sold to Fluidstack in Companion Deal
In a companion transaction, TeraWulf agreed to sell its 50.1% ownership interest in the Abernathy Joint Venture — a 168 MW critical IT load AI data center campus in Abernathy, Texas — to an investor group led by joint-venture partner Fluidstack. The deal monetizes TeraWulf's roughly $450 million investment at a premium to invested capital and redirects proceeds toward wholly owned infrastructure. Fluidstack, a New York-based AI cloud specialist backed by more than $1.7 billion in prior funding, will continue leading the Texas project.
Why It Matters
The transaction anchors Anthropic's AI capacity roadmap alongside its multi-gigawatt Google TPU and Blackstone-Broadcom XPV arrangements, and cements TeraWulf's pivot from bitcoin mining toward long-duration hyperscaler leases. CEO Paul Prager told CNBC's Power Lunch that demand for AI-grade power is "very significant and it's the tip of the iceberg," pointing to the 2.3 gigawatts TeraWulf now controls across Justified, Lake Mariner, Lake Hawkeye, Chesapeake and Muskie sites.
Reporting based on coverage from TeraWulf press releases, CNBC, Data Center Dynamics and SiliconANGLE.
How much is the TeraWulf-Anthropic lease worth and how long does it run?
The lease runs 20 years and is expected to generate approximately $19 billion in contracted revenue over the initial term, one of the largest single-tenant hyperscale commitments announced this year.
Where is the Justified Data campus and how much capacity will it have?
The campus is located in Hawesville, Kentucky, and will accommodate roughly 401 MW of critical IT load, developed in multiple phases with initial capacity in the second half of 2027 and full capacity by early 2028.
What is TeraWulf doing with its Abernathy Joint Venture in Texas?
TeraWulf agreed to sell its 50.1% interest in the 168 MW Abernathy AI data center campus to an investor group led by Fluidstack, monetizing its roughly $450 million investment at a premium and redirecting proceeds toward wholly owned infrastructure.
Why does this deal matter for TeraWulf's strategy?
It cements TeraWulf's pivot from bitcoin mining toward long-duration hyperscaler leases, backed by an investment-grade customer, with the company now controlling 2.3 gigawatts of capacity across five sites.
