Terawulf signed a 20-year lease with Anthropic at its Justified Data campus in Hawesville, Kentucky, expected to generate about $19 billion in contracted revenue over the initial lease term. The company is selling its 50.1% stake in the Abernathy Joint Venture to an investor group led by Fluidstack, monetizing roughly $450 million in investment at a premium to invested capital. The Anthropic lease supports Terawulf's strategy of developing large-scale AI infrastructure with long-term customer commitments, while the Abernathy sale frees capital for wholly owned projects where the company maintains direct operational control. The AI data center market is experiencing rapid expansion as major AI companies seek dedicated infrastructure capacity.
Terawulf Signs 20-Year Anthropic Lease at Justified Data Campus
The agreement is expected to generate about $19 billion in contracted revenue over the initial lease term. The campus will support about 401 megawatts of critical IT load and will be developed in phases. Initial capacity is expected to come online in the second half of 2027, with the site reaching full capacity by early 2028. Terawulf said the lease is expected to be supported by an investment-grade credit.
Terawulf acquired the Justified Data campus earlier this year and had told investors it expected to secure a major customer commitment around the end of the second quarter of 2026. Chairman and CEO Paul Prager said the timing of the announcement reflected the completion of final documentation and customary transaction processes. Prager 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."
Fluidstack Acquires Terawulf's Abernathy Stake
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 the deal closes, 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 give the company more capital to redeploy into projects where it has direct ownership, customer relationships, and operational control.
FAQ
What is the value of Terawulf's lease agreement with Anthropic?
The 20-year lease with Anthropic at Terawulf's Justified Data campus in Hawesville, Kentucky is expected to generate about $19 billion in contracted revenue over the initial lease term.
When will Terawulf's Justified Data campus reach full capacity?
Initial capacity is expected to come online in the second half of 2027, with the site reaching full capacity by early 2028. The campus will support about 401 megawatts of critical IT load.
Why is Terawulf selling its Abernathy Joint Venture stake?
Terawulf is selling its 50.1% stake in the Abernathy Joint Venture to monetize roughly $450 million in investment at a premium to invested capital and redeploy capital into projects where it has direct ownership, customer relationships, and operational control.
