Overview
- TeraWulf said on Monday it executed a 20‑year lease with Anthropic for roughly 401 megawatts of critical IT load at its Justified Data campus in Hawesville, Kentucky, a contract TeraWulf estimates will produce about $19 billion of revenue over the initial term.
- Capacity will be built in phases with the first tranche targeted for the second half of 2027 and the full 401 MW expected by early 2028, and the lease includes two successive five‑year renewal options.
- At the same time TeraWulf agreed to sell its 50.1% stake in the Abernathy, Texas, joint venture to a Fluidstack‑led investor group for roughly $530 million payable in three installments, crystallizing about $450 million of invested capital for redeployment into wholly owned projects.
- TeraWulf said Anthropic’s payment obligations are expected to be supported by investment‑grade credit and the announcements sent the stock sharply higher while several analysts raised price targets, though markets also pared gains on profit‑taking.
- The deal formalizes TeraWulf’s pivot from bitcoin mining to AI infrastructure and gives investors long‑term revenue visibility, but near‑term value will depend on meeting construction milestones, securing and delivering power, and the timing of Abernathy payments.