The initial capacity is targeted to enter service in the second half of 2027, with full ramp-up to 401MW by early 2028. Credit: Make more Aerials/Shutterstock.com.

TeraWulf has signed a 20-year lease agreement with Anthropic for an AI infrastructure campus at its Justified Data site in Hawesville, Kentucky, US.

The agreement with Anthropic is expected to generate around $19bn of contracted lease revenue over the initial term.

Access deeper industry intelligence

Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.

Find out more

The purpose-built infrastructure campus at Justified Data will provide approximately 401MW of critical IT load and is set to be developed in phases.

TeraWulf stated that initial capacity is targeted to enter service in the second half of 2027, with full ramp-up to 401MW by early 2028. The lease is reported to be supported by an investment-grade credit.

In a separate transaction, TeraWulf has agreed to sell its entire 50.1% ownership interest in the Abernathy joint venture to an investor group led by Fluidstack, the firm’s joint venture partner.

The campus, which was established in 2025 in Abernathy, Texas, targets 168MW of critical IT load for AI data centre use.

The sale is expected to monetise TeraWulf’s approximately $450m investment at a premium to capital deployed, providing funds for reinvestment into opportunities in which TeraWulf will retain full ownership and operational control.

Fluidstack will assume leadership of the Abernathy campus following completion of the transaction.

TeraWulf chairman and CEO Paul Prager: “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. The Anthropic lease validates our strategy and establishes a long-duration revenue stream with one of the world’s leading AI companies.”

TeraWulf describes its strategy as developing and operating digital infrastructure for AI and high-performance computing workloads, with power availability and scalability as key considerations for its sites.