Terawulf and Anthropic Sign 20-Year AI Data Center Lease Worth $19 Billion

Terawulf is reshaping its data center strategy around large-scale artificial intelligence (AI) infrastructure, securing a long-term lease with Anthropic while moving to exit a Texas joint venture.

The company announced it has signed a 20-year lease with AI firm Anthropic at its Justified Data campus in Hawesville, Kentucky. The agreement is expected to generate about $19 billion in contracted revenue over the initial lease term.

The campus will support roughly 401 megawatts of critical IT load, developed in phases. Initial capacity is expected online in the second half of 2027, with full capacity by early 2028. Terawulf said the lease is expected to be supported by an investment-grade credit.

Separately, Terawulf agreed to sell its full 50.1% stake 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 formed in 2025 to develop a 168-megawatt critical IT load AI data center campus in Abernathy, Texas. After closing, Fluidstack will continue leading the project.

Terawulf said the sale monetizes its roughly $450 million investment at a premium to invested capital. The transaction is expected to free up capital for redeployment into projects where the company has direct ownership, customer relationships, and operational control.

Chairman and CEO Paul Prager said the timing of the Anthropic lease reflected the completion of final documentation and customary processes. He stated: ‘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 two transactions illustrate Terawulf’s approach to building value across the AI infrastructure cycle: develop campuses, secure long-term customers, monetize mature investments, and recycle capital into future growth.

Source: https://news.bitcoin.com/terawulf-and-anthropic-sign-20-year-ai-data-center-lease-worth-19-billion/