TeraWulf Inc. signed a 20-year lease with Anthropic on July 6, 2026, committing roughly 401 MW of AI computing capacity at its Kentucky campus for about $19 billion in contracted revenue.
Quick Summary – TLDR:
- TeraWulf executed a 20-year lease with Anthropic at its Justified Data campus in Hawesville, Kentucky, backed by investment-grade credit.
- The deal covers approximately 401 MW of critical IT load, built in phases, expected to generate $19 billion in contracted revenue over the initial term.
- TeraWulf agreed to sell its 50.1% stake in the Abernathy Joint Venture to a group led by Fluidstack, monetizing $450 million of invested capital at a premium.
- The Abernathy campus in Texas carries 168 MW of AI data-center capacity, and the sale frees capital for wholly owned builds.
What Happened?
TeraWulf, an Easton, Maryland digital-infrastructure company that pivoted from bitcoin mining toward AI data centers, executed a 20-year lease with Anthropic at its Justified Data campus in Hawesville, Kentucky, per SEC filing records, and the move was covered simultaneously per Nasdaq market data.
The deal reads as a durability signal for a former bitcoin miner’s revenue model, not just a headline figure. A 20-year, investment-grade-backed contract with Anthropic is a materially different asset than the spot-price mining business TeraWulf built its name on. The campus will accommodate approximately 401 MW of critical IT load, developed in multiple phases.
Initial capacity is expected during the second half of 2027, ramping to the full 401 MW by early 2028. The lease is supported by an investment-grade credit.
That backing matters for a company whose revenue base, until recently, tracked bitcoin’s price rather than a contracted, multi-year cash flow. Paul Prager, TeraWulf’s CEO, said:
The lease converts a commodity-price business into something closer to a utility.
TeraWulf Sells Its Abernathy Stake to Fluidstack
Alongside the lease, TeraWulf entered a definitive agreement to sell its 50.1% ownership interest in the Abernathy Joint Venture to an investor group led by Fluidstack, an AI cloud-computing provider. The Abernathy Joint Venture is a 168 MW AI data-center campus in Abernathy, Texas, and TeraWulf established the venture in 2025.
TeraWulf $WULF signed a 20-year lease with Anthropic for its Justified Data campus in Kentucky.
— Wall St Engine (@wallstengine) July 6, 2026
The campus is expected to support about 401MW of critical IT load, with initial capacity online in H2 2027 and full capacity by early 2028.
TeraWulf says the lease represents about… pic.twitter.com/Wiv5I0G60G
The sale monetizes approximately $450 million in invested capital at a premium. This sale allows capital redeployment into infrastructure opportunities offering greater long-term economic value through direct ownership.
The trade swaps a shared-control asset for full ownership of future cash flows elsewhere, the same logic behind the Anthropic lease.
Why 401 MW Matters in the AI Buildout?
The two transactions add $19 billion in contracted revenue while enabling TeraWulf to redirect focus toward assets offering greater operational control rather than joint-venture interests.
A 401 MW single-site commitment is a scale only a handful of AI labs and hyperscalers currently contract for. The Abernathy trade shows the flip side: even a 168 MW campus draws a premium buyer when dedicated AI capacity is needed now rather than built from scratch. Former bitcoin miners hold the power-dense sites and grid interconnects that AI compute providers need but cannot replicate quickly.
A 20-year, investment-grade-backed contract is a materially different asset than a spot-price mining operation, and investors appear to be repricing TeraWulf accordingly.
The same capital rotation toward compute infrastructure shows up in companies such as Nvidia, where AI-driven chip demand has reshaped hiring across the supply chain this year.
SQ Magazine’s Takeaway
The Anthropic lease reframes TeraWulf less as a bitcoin miner diversifying into AI and more as a long-duration infrastructure landlord to a frontier AI lab. A 20-year term backed by investment-grade credit converts uncertain future compute demand into the $19 billion revenue stream that can be underwritten today, which is why the stock repriced sharply on the announcement rather than drifting on a routine filing. Selling Abernathy at a premium while keeping full ownership elsewhere reads as a bet on control over deal volume.
What’s next centers on execution risk. TeraWulf still has to deliver initial Justified Data capacity in the second half of 2027 and ramp to the full 401 MW by early 2028, a multi-phase build that depends on power procurement, equipment delivery, and construction timelines holding on schedule. A slip in that rollout would delay the revenue the lease is expected to generate.