TeraWulf inks 20-year Anthropic lease for $19B AI campus
Bitcoin mining stocks rose after TeraWulf signed a 20-year lease with Anthropic for a roughly 401 MW AI campus in Hawesville, Kentucky that could generate about $19 billion; the company also sold a 50.1% Abernathy stake for about $450 million.
TeraWulf signed a 20-year lease with AI company Anthropic for a purpose-built data center campus at its Justified Data site in Hawesville, Kentucky. The company estimates the roughly 401-megawatt campus could generate about $19 billion in revenue over the life of the lease.
The first phase of the campus is scheduled to come online in the second half of 2027, with full capacity expected by early 2028. TeraWulf noted the long-term lease is expected to be supported by an investment-grade credit rating.
Simultaneously, TeraWulf agreed to sell its 50.1% stake in the Abernathy Joint Venture in Texas to an investor group led by partner Fluidstack, converting its roughly $450 million investment into cash at a premium to invested capital. Fluidstack will assume leadership of the Abernathy project going forward.
The announcements coincided with gains across bitcoin mining and infrastructure stocks on Monday. TeraWulf shares traded near $24.05, up about 14%. IREN rose more than 13%, Hut 8 increased about 12%, Cipher Digital gained roughly 11%, and Keel Infrastructure was up about 10%.
TeraWulf, a Maryland-based company historically focused on bitcoin mining, has shifted into AI infrastructure as demand for computing power to train large language models has grown. Anthropic, the developer of the Claude chatbot, is among companies securing long-term power and data center capacity for model training and deployment.
Paul Prager, TeraWulf chairman and CEO, wrote in a statement: “When we announced the Justified Data campus acquisition in February, we told investors that we expected to secure a major customer commitment by around the end of the second quarter of 2026. The timing of today’s announcement reflects the completion of final documentation and customary transaction processes, and we are proud to announce this landmark partnership with Anthropic.”
TeraWulf noted the transactions complete separate financing and partnership steps for its data center operations and that final documentation and customary transaction processes were finished.
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