Pranav Hotkar
Easton, Maryland - July 6, 2026 - TeraWulf has signed a landmark 20-year lease agreement with AI company Anthropic for a purpose-built 401 MW AI data center campus in Kentucky while simultaneously selling its majority stake in a Texas joint venture to Fluidstack, reshaping its portfolio around wholly owned AI infrastructure assets.
The two transactions represent a significant strategic shift for the digital infrastructure developer, strengthening long-term contracted revenue while freeing capital for future AI data center expansion. The Anthropic agreement is expected to generate approximately USD 19 billion in contracted lease revenue over the initial lease term, providing TeraWulf with one of the largest long-term AI infrastructure commitments announced this year.
The lease covers the Justified Data Campus in Hawesville, Kentucky, where TeraWulf will develop a dedicated AI infrastructure campus in multiple phases. The facility is designed to support approximately 401 MW of critical IT load, with the first capacity scheduled to enter service during the second half of 2027 and full build-out expected by early 2028. The project is backed by what the company described as an investment-grade credit profile, reinforcing the financial strength of the long-term agreement.
At the same time, TeraWulf has agreed to sell its 50.1% ownership interest in the Abernathy Joint Venture to an investor group led by AI cloud infrastructure provider Fluidstack, its existing joint venture partner. The Texas venture was established in 2025 to develop a 168 MW AI data center campus in Abernathy. TeraWulf said the sale monetizes its approximately USD 450 million investment at a premium, allowing the company to recycle capital into infrastructure where it retains full ownership, customer relationships, and operational control.
The announcements underscore the rapid evolution of the AI data center market, where developers are increasingly prioritizing long-term leasing agreements with AI model developers over speculative capacity builds. Securing anchor tenants before construction not only improves financing prospects but also provides predictable revenue streams for increasingly capital-intensive AI campuses.
The transactions also highlight TeraWulf's broader transformation. Originally focused on cryptocurrency mining, the company has steadily repositioned itself as a developer and operator of AI and high-performance computing infrastructure, leveraging expertise in power procurement and grid integration to deliver large-scale data center campuses.
For the industry, the Anthropic lease reflects the growing trend of AI companies securing dedicated computing infrastructure through long-duration agreements rather than relying exclusively on public cloud providers. As generative AI models continue to scale, purpose-built campuses with hundreds of megawatts of available power are emerging as critical assets in the global AI supply chain.
With the Kentucky campus under long-term lease and capital from the Texas divestiture earmarked for future developments, TeraWulf is sharpening its focus on building and operating wholly owned AI infrastructure platforms capable of supporting the next generation of hyperscale AI workloads.
