TeraWulf Secures Major Anthropic Lease to Expand AI Infrastructure

TeraWulf Inc. experienced a stock increase of 13.55% following the announcement of a $19 billion lease deal with Anthropic. The stock price reached $24.05, reflecting a strong early rally before stabilizing around $24.00.

Details of the Lease Agreement

The 20-year lease contract allows Anthropic to utilize TeraWulf's Justified Data campus in Hawesville, Kentucky. This agreement is projected to generate approximately $19 billion in contracted revenue throughout its duration, providing TeraWulf with a reliable revenue stream associated with AI infrastructure.

The Justified Data campus is designed to support around 401 MW of vital IT load. Initial operations are expected to commence in the latter half of 2027, with the campus anticipated to reach full capacity by early 2028.

Impact of the Abernathy Stake Sale

In a strategic move, TeraWulf also agreed to sell its 50.1% stake in the Abernathy Joint Venture to an investor group led by Fluidstack, which is currently its joint venture partner. This transaction serves to monetize TeraWulf's approximate $450 million investment at a favorable premium.

The Abernathy Joint Venture was initiated in 2025 for the development of a 168 MW AI data center campus located in Texas. TeraWulf and Fluidstack have collaborated on advancing early development phases of the site. Upon completion of the sale, Fluidstack will continue to oversee the Abernathy project.

Strategic Shift in AI Infrastructure Focus

The sale of Abernathy not only releases capital for TeraWulf to invest in fully owned AI infrastructure projects but also simplifies its corporate structure by eliminating joint venture accounting. This allows the company to concentrate on operating and developing campuses where it has direct control over operations and customer relationships.

As AI demand continues to rise, TeraWulf is refining its strategy towards large-scale data center development. The recently secured lease with Anthropic significantly anchors this new direction, enhancing revenue visibility and strengthening the company's overall financial health.