TeraWulf Secures Landmark 20-Year, $19 Billion AI Infrastructure Lease with Anthropic

TeraWulf Inc. (NASDAQ: WULF) today revealed it has signed a 20-year lease agreement with Anthropic PBC for a purpose-built AI infrastructure campus at its Justified Data site in Hawesville, Kentucky. The deal covers approximately 401 MW of critical IT load and is expected to generate roughly $19 billion in contracted lease revenue over the initial term. Capacity will be developed in phases, with initial power online in the second half of 2027 and the full 401 MW ramping up by early 2028. The lease is supported by an investment-grade credit profile.

Alongside the Anthropic agreement, TeraWulf entered into a definitive deal to sell its 50.1% stake in the Abernathy Joint Venture, a 168 MW AI data center project in Texas developed with Fluidstack, to an investor group led by its JV partner. This transaction monetizes TeraWulf's approximately $450 million investment at a premium and provides significant capital for redeployment into wholly owned projects.

What This Means for TeraWulf ($WULF)

This announcement represents a pivotal milestone for TeraWulf as it transitions from Bitcoin mining to a focused owner, developer, and operator of large-scale AI and HPC infrastructure.

Transformative Revenue Visibility: The $19 billion in contracted revenue over 20 years provides exceptional long-term cash flow predictability, far exceeding typical Bitcoin mining economics. This shifts the business toward durable, high-visibility infrastructure leasing with blue-chip AI customers.

Strategic Validation: Securing Anthropic, one of the world's premier AI labs, as a tenant underscores TeraWulf's competitive advantages in power sourcing, grid integration, and rapid development of hyperscale facilities. CEO Paul Prager noted that the lease "validates our strategy and establishes a long-duration revenue stream with one of the world's leading AI companies."

Balance Sheet and Capital Recycling: The Abernathy JV sale simplifies TeraWulf's financial reporting, unlocks approximately $450 million in capital at a premium, and allows reinvestment into projects where the company retains full ownership, direct customer relationships, and operational control.

Growth Platform: The Justified Data campus deal includes a framework for future expansion, positioning TeraWulf for additional phases or new campuses. It reinforces the company's strategy of originating power-secured sites, securing major tenants, and scaling AI infrastructure.

Market Reaction and Outlook

Shares of WULF surged more than 16% in early trading following the announcement, reflecting investor enthusiasm for the scale of the contract and the company's accelerating shift into contracted AI infrastructure. Today's news solidifies TeraWulf as a serious contender in the AI data center buildout, leveraging its vertically integrated model to deliver power-secure, scalable capacity to hyperscalers and AI leaders. With nearly $19 billion in contracted revenue now secured and capital freed for further wholly owned development, WULF is well-positioned for its next phase of growth in one of the highest-demand sectors of the decade.