TeraWulf Signs 20-Year Lease with Anthropic, Locking in ~$19 Billion in Revenue
Miles Bennett
TeraWulf signed a 20-year data-center lease with Anthropic worth roughly $19 billion in contracted revenue, while selling its stake in a joint venture to concentrate capital on wholly owned AI infrastructure.
How big is this deal?
Anthropic will lease TeraWulf's Justified Data campus in Hawesville, Kentucky — 20-year term, roughly $19 billion in contracted revenue.
The campus carries about 401 MW of critical IT load — the power actually feeding servers, not cooling or overhead.
This means → a single contract vaults TeraWulf into the league of large-scale AI infrastructure providers, with a near-$19 billion revenue commitment backing it.
When does the money start flowing?
Initial capacity is expected online in H2 2027; the full 401 MW buildout completes in early 2028.
In plain terms = this is a phased project — built in stages, paid in stages. Revenue will ramp over the next two years, not arrive at once.
The key test the market will track: whether Anthropic's compute-demand curve stays in sync with the campus delivery schedule over a 20-year horizon.
Why sell the JV stake now?
TeraWulf is also selling its 50.1% stake in the Abernathy joint venture to a group led by JV partner Fluidstack.
The sale monetises roughly $450 million in invested capital at a premium; proceeds will be reinvested in wholly owned AI infrastructure.
This means → TeraWulf is simplifying — exiting a project it does not fully control and concentrating capital on assets where it owns the facility, the client relationship, and the operations.
How did the stock react — and what is the signal?
Shares rose to $24.23 after the announcement.
This reflects an initial market endorsement of the combination: long-term contracted revenue plus a cleaner asset structure.
The real test is not signing day — whether the 20-year contract delivers on schedule depends on Anthropic's own compute-demand trajectory holding up year after year.
Content is for reference only, not financial advice.