Terawulf signs 20-year, $19B lease with Anthropic

Terawulf has signed a 20-year lease with Anthropic for its Justified Data campus in Hawesville, Kentucky. The agreement is expected to generate about $19 billion in contracted revenue and support roughly 401 megawatts of critical IT load.

The lease covers phased development of the Kentucky site, with initial capacity planned to come online in the second half of 2027 and full buildout expected by early 2028. Terawulf expects the lease to be backed by an investment-grade credit; the company acquired the Justified Data campus earlier this year. Management had previously told investors it expected to secure a major customer commitment around the end of the second quarter of 2026 before completing final documentation and customary transaction steps.

Terawulf also agreed to sell its 50.1% stake in the Abernathy joint venture to an investor group led by Fluidstack, the venture’s partner and an AI cloud infrastructure provider. The Abernathy project in Texas was planned as a 168-megawatt critical IT load campus. Terawulf reported that the sale monetizes about $450 million of invested capital at a premium and will let Fluidstack continue leading development at Abernathy.

Proceeds from the Abernathy sale are intended to be redeployed into projects where Terawulf retains direct ownership, established customer relationships and operational control.

Paul Prager, Terawulf’s chairman and CEO, described the company’s approach: “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.”

The Anthropic lease anchors the Kentucky campus with a long-duration commercial commitment and provides a predictable revenue stream for the site. Terawulf will develop Justified Data in phases to match customer deployment schedules and available power.

Terawulf has been assembling and developing campuses targeted at hyperscale and AI workloads, combining power sourcing, infrastructure construction and customer contracting. The company is reallocating capital toward projects where it maintains operational control and direct customer ties while monetizing a majority stake in an earlier Texas project.