Overview
- Anthropic has executed a 20‑year lease for TeraWulf’s Justified Data campus in Hawesville, Kentucky, under terms TeraWulf says will produce about $19 billion in contracted revenue over the initial term.
- The campus is being built to support roughly 401 megawatts of critical IT load for high‑performance AI compute, with capacity to be delivered in phases starting in the second half of 2027 and full campus online by early 2028.
- The SEC filing shows Anthropic holds two successive five‑year renewal options on the lease, giving the customer a potential 30‑year footprint if both options are exercised.
- To free capital for assets it directly owns and operates, TeraWulf agreed to sell its 50.1% stake in the 168 MW Abernathy, Texas joint venture to a Fluidstack‑led investor group for about $530 million, payable in three installments (about $250 million within 14 days, $150 million by Dec. 31, 2026, and roughly $130 million by Apr. 30, 2027); TeraWulf said it had invested about $450 million in Abernathy.
- The transactions validate TeraWulf’s strategic pivot into large, high‑power AI infrastructure, triggered a more than 16% premarket jump in its stock, and reflect broader demand for big, long‑term power footprints needed to train and run modern AI models.