TeraWulf signed a 20-year lease with Anthropic for approximately 401 MW of critical IT load at its Justified Data campus in Hawesville, Kentucky, establishing one of the largest long-duration AI infrastructure commitments announced by the company. The agreement is expected to generate approximately $19 billion of contracted lease revenue over its initial term and to receive support from investment-grade credit. TeraWulf expects to bring initial capacity online during the second half of 2027 and ramp the campus to its full 401 MW of critical IT load by early 2028.
The company also entered into a definitive agreement to sell its entire 50.1% ownership interest in the Abernathy Joint Venture to an investor group led by Fluidstack, TeraWulf’s partner in the project. The joint venture, established in 2025, is developing a 168 MW critical IT load AI data center campus in Abernathy, Texas. TeraWulf said the transaction monetizes its approximately $450 million investment at a premium to invested capital and provides funding for redeployment into AI infrastructure projects where the company maintains direct ownership, customer relationships, and operational control. Fluidstack will continue to lead development of the Abernathy campus following the transaction.
Together, the transactions sharpen TeraWulf’s strategy around developing and directly owning large-scale AI infrastructure campuses backed by long-term customer commitments. The Anthropic agreement gives TeraWulf substantial contracted revenue visibility while adding 401 MW of planned AI capacity to its customer portfolio. The Abernathy sale demonstrates a complementary capital recycling model: develop large-scale infrastructure, monetize an investment after advancing the project, and redirect proceeds toward wholly owned campuses that can generate long-duration infrastructure revenue.
• Anthropic signed a 20-year lease covering approximately 401 MW of critical IT load at the Justified Data campus in Hawesville, Kentucky.
• The lease is expected to generate approximately $19 billion of contracted revenue over its initial term.
• Initial capacity is scheduled to enter service during the second half of 2027, with the campus expected to reach the full 401 MW by early 2028.
• TeraWulf expects the lease to receive support from investment-grade credit.
• TeraWulf agreed to sell its entire 50.1% interest in the 168 MW Abernathy AI data center joint venture to an investor group led by Fluidstack.
• The transaction monetizes TeraWulf’s approximately $450 million investment at a premium to invested capital.
• TeraWulf plans to redeploy capital toward AI infrastructure projects where it maintains direct ownership, customer relationships, and operational control.
“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,” said Paul Prager, Chairman and CEO of TeraWulf.
🌐 Analysis: The Anthropic lease highlights the increasing use of long-duration capacity agreements to finance the next generation of power-intensive AI campuses. A 401 MW critical IT load deployment also places the Justified Data project among a growing class of hyperscale AI campuses where access to power, grid infrastructure, construction execution, and customer credit quality increasingly determine the economics of development.
The Abernathy transaction illustrates another emerging model among AI infrastructure developers: recycling capital from partially owned projects into campuses where the developer retains direct ownership and operating control. TeraWulf’s combination of a long-term Anthropic lease and the monetization of its Fluidstack joint venture stake shifts more of the company’s capital toward directly owned infrastructure backed by contracted AI demand.
