Terawulf has signed a 20-year lease with Anthropic at its Justified Data campus in Kentucky, a deal expected to generate about $19 billion in contracted revenue. Alongside it, the company agreed to sell its majority stake in a Texas joint venture, recycling capital into projects it fully owns.
Terawulf has locked in one of the clearest long-term revenue streams in the AI infrastructure market. The company said it signed a 20-year lease with Anthropic at its Justified Data campus in Hawesville, Kentucky, an agreement it expects to generate about $19 billion in contracted revenue over the initial term.
Kentucky campus scales to 401 MW by 2028
The site will support about 401 megawatts of critical IT load and will be built in phases. Initial capacity is expected to come online in the second half of 2027, with the campus reaching full capacity by early 2028. Terawulf said the lease is expected to be supported by an investment-grade credit.
The company had told investors it expected to secure a major customer commitment around the end of Q2 2026, after acquiring the Justified Data campus earlier this year. Chairman and CEO Paul Prager said the timing reflected the completion of final documentation and customary transaction processes.
Prager frames the deal around owned infrastructure
Prager tied the lease to Terawulf's model of owning and operating its infrastructure and controlling the long-term evolution of its campuses. According to Bitcoin News, Prager said the approach aims to generate "durable cash flows and attractive long-term returns for shareholders."
Texas stake sale recycles capital
Separately, Terawulf agreed to sell its full 50.1% stake in the Abernathy Joint Venture to an investor group led by Fluidstack, its joint venture partner and an AI cloud infrastructure provider. The venture, formed in 2025, is developing a 168-megawatt AI data center campus in Abernathy, Texas, and Fluidstack will keep leading the project after the deal closes.
Terawulf said the sale monetizes its roughly $450 million investment at a premium to invested capital. The transaction is expected to give the company more capital to redeploy into projects where it holds direct ownership, customer relationships, and operational control.
Sources: Terawulf, Bitcoin News
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