TeraWulf signs 20-year $19B data center lease with Anthropic

On July 6, 2026, TeraWulf (Nasdaq: WULF) announced it has executed a 20-year AI infrastructure lease with Anthropic at its Justified Data campus in Hawesville, Kentucky. It is one of the largest long-term data center commitments from a leading AI company, underscoring that demand for AI compute infrastructure keeps climbing.

Key points

• The 20-year lease is expected to generate roughly $19 billion of contracted revenue over the initial term, supported by an investment-grade credit.
• The campus will host about 401 MW of critical IT load, built in multiple phases; initial capacity is expected online in H2 2027, ramping to the full 401 MW by early 2028.
• Separately, TeraWulf is selling its entire 50.1% stake in the Abernathy joint venture (a 168 MW campus in Texas) to an investor group led by Fluidstack, monetizing its ~$450M investment at a premium.
• Chairman and CEO Paul Prager said the deal "validates our strategy" of owning and operating infrastructure and creates a long-duration revenue stream with one of the world's leading AI companies.

For backend/DevOps teams, the deal is a clear signal of the "AI factory" trend: power and infrastructure providers are locking multi-year capacity for AI labs, with long-term implications for compute cost and scalability.

FAQ

How big is the lease? ~$19B of contracted revenue over 20 years, at 401 MW. When does it go live? Initial capacity in H2 2027, full load by early 2028. Is Anthropic buying or leasing? It is a 20-year LEASE; TeraWulf continues to own and operate the infrastructure.