TeraWulf Locks In $19 Billion AI Data Center Deal With Anthropic

Major Lease Agreement Details

TeraWulf announced a 20-year lease agreement with Anthropic for its Justified Data campus located in Hawesville, Kentucky. The arrangement covers a purpose-built facility designed to handle approximately 401 megawatts of critical IT load for AI operations.

The development will proceed in phases, with initial capacity scheduled for the second half of 2027 and full deployment targeted for early 2028. According to company statements, the lease is projected to generate roughly $19 billion in contracted revenue over the initial term.

Joint Venture Sale and Capital Strategy

In a related move, TeraWulf reached an agreement to sell its 50.1% ownership interest in the Abernathy Joint Venture in Texas. The buyer is an investor group led by joint venture partner Fluidstack. The transaction allows TeraWulf to monetize its approximately $450 million invested capital at a premium.

Proceeds from the sale are set for redeployment into projects where TeraWulf maintains full ownership, direct customer relationships, and operational control. Company materials describe the combined actions as steps that improve long-term revenue visibility and financial positioning.

Stock Market Reaction

Shares of TeraWulf rose sharply following the announcements, climbing between 12% and 17% in trading sessions. The gains pushed the stock well above recent levels and contributed to year-to-date performance exceeding 100% in some reports. The positive response occurred even as broader market conditions showed mixed results for related equities.

Context of Industry Shifts

This development fits into a pattern where several Bitcoin mining operations expand capacity for high-performance computing and AI workloads. Existing power infrastructure and site capabilities position these firms to meet growing demands for data center resources beyond traditional mining activities.

TeraWulf has reported that high-performance computing hosting revenue surpassed mining revenue in the first quarter of 2026, indicating progress in its operational transition. The Kentucky campus acquisition earlier in the year provided additional grid-connected resources suited for large-scale compute needs.

Project Scope and Timeline

The Justified Data campus in Kentucky will support advanced AI computing requirements through dedicated infrastructure. Construction phases aim to bring online meaningful capacity within the next two years, aligning with expected demand growth in the sector.

Analysts and industry participants note that such agreements signal strong commitment from major AI developers to secure dedicated compute resources over extended periods. The scale of the $19 billion revenue projection underscores the magnitude of the arrangement relative to TeraWulf's overall market position.