TeraWulf signs 20-year Anthropic lease, $19B revenue

TeraWulf announced a 20-year lease with AI developer Anthropic to build a purpose-built AI infrastructure campus at its Justified Data site in Hawesville, Kentucky. The company said the agreement is expected to generate about $19 billion in revenue over the lease term.

The campus will be developed in phases. Initial services are expected to begin in the second half of 2027, and the site is planned to deliver 401 megawatts of critical IT load by early 2028. The facility sits outside Louisville and will be built to meet the high power and cooling needs of large AI model training.

In a separate transaction, TeraWulf agreed to sell its 50.1% ownership interest in a joint-venture campus in Abernathy, Texas, established in 2025. Joint-venture partner Fluidstack is the buyer. The announcement states TeraWulf will use proceeds to redeploy capital into wholly owned AI infrastructure projects that preserve direct customer relationships and operational control.

The announcement reads, “Collectively, the transactions enhance TeraWulf's long-term revenue visibility, strengthen its financial position, and further align the Company's capital with infrastructure platforms where it maintains direct ownership, customer relationships, and operational control.”

Shares of TeraWulf (WULF) rose more than 17% on the news and were trading up about 117% year-to-date as of Monday morning.

AI model training requires high-density power and extensive cooling. Long-term leases for purpose-built campuses secure capacity for firms that need sustained compute for model development. Cryptocurrency miners and infrastructure companies have pursued AI-related data-center contracts to supply that capacity.

TeraWulf's phased build schedule gives time to scale power provisioning and facility construction as demand grows. The company noted the transactions increase visibility into future revenue tied to AI infrastructure contracts and strengthen its financial position.