Anthropic has signed a 20-year lease for a data center campus in Hawesville, Kentucky, operated by TeraWulf Inc. The deal is expected to generate roughly $19 billion in contracted revenue over its initial term.
Facility Details and Timeline
The facility, named Justified Data, will support approximately 401 MW of critical IT load for high-performance computing.
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The infrastructure will roll out in phases, with the first tranche going online in the second half of 2027 and full capacity by early 2028.
Anthropic also holds two consecutive five-year options to renew the lease, according to SEC filings.
TeraWulf Chairman and CEO Paul Prager said the timeline aligns with prior guidance to financial backers regarding a major enterprise tenant.
He added that the announcement reflects the completion of final documentation and customary transaction processes.
Following the news, TeraWulf shares rose over 16% in premarket trading, reversing a seven-session losing streak that had erased $3.2 billion from its market valuation amid AI supply concerns.
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Divestment of Texas Joint Venture
In a separate announcement, TeraWulf disclosed the sale of its 50.1% stake in the Abernathy Joint Venture to a consortium led by Fluidstack for approximately $530 million.
The 168 MW Texas facility will be paid in three installments: $250 million within 14 days, $150 million by December 31, 2026, and $130 million by April 30, 2027.
TeraWulf had previously invested an estimated $450 million in the Texas project.
Proceeds from the sale will be reinvested into data center operations where the company retains full ownership and control.
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According to CNBC, AI infrastructure has become TeraWulf's primary focus, marking a shift from its origins in cryptocurrency mining.
