Anthropic and TeraWulf Collaborate on US$19bn AI Strategy

TeraWulf has announced two connected transactions that could reshape its position in the AI infrastructure market and generate approximately US$19bn in contracted revenue over the next two decades.

The digital infrastructure company has signed a 20-year lease with AI firm Anthropic for a purpose-built campus in Kentucky, whilst simultaneously divesting its stake in the Abernathy Joint Venture to redirect capital towards wholly owned assets.

Anthropic partnership delivers revenue certainty

The lease agreement with Anthropic centres on TeraWulf's Justified Data site in Hawesville, US, where the company will develop a campus capable of supporting approximately 401MW of critical IT load.

According to TeraWulf, the deal is expected to deliver approximately US$19bn in contracted lease revenue over its initial term, establishing what the company describes as a long-duration revenue stream backed by investment-grade credit.

Construction is planned across multiple phases, with initial capacity expected to come online during the second half of 2027 before the facility reaches full capacity by early 2028.

Paul Prager, Chairman and CEO of TeraWulf, connected the announcement to earlier projections about the site. "When we announced the Justified Data campus acquisition in February, we told investors that we expected to secure a major customer commitment by around the end of the second quarter of 2026," he says.

"The timing of today's announcement reflects the completion of final documentation and customary transaction processes and we are proud to announce this landmark partnership with Anthropic."

The executive positioned the lease as validation of the company's development strategy. "The Anthropic lease validates our strategy and establishes a long-duration revenue stream with one of the world's leading AI companies," Paul says.

"The lease provides approximately US$19bn of contracted lease revenue over its initial term, creates a framework for future expansion and demonstrates the value of our ability to source power, develop infrastructure and secure long-term customer commitments."

Abernathy divestment unlocks deployment capital

Alongside the Anthropic lease, TeraWulf has agreed to sell its 50.1% ownership interest in the Abernathy Joint Venture to an investor group led by Fluidstack, its existing joint venture partner.

The transaction monetises TeraWulf's approximately US$450m investment at a premium to invested capital, freeing resources for redeployment into infrastructure projects where the company maintains full ownership and operational control.

According to Paul, the sale represents a strategic reallocation of resources rather than an exit from growth.

"The sale of our ownership interest in Abernathy to a group led by Fluidstack crystallises the value created through that investment and generates significant capital for redeployment into infrastructure platforms where we maintain direct ownership, customer relationships and operational control," he says.

Growth model centres on ownership

Paul framed the two transactions as complementary components of a broader strategy focused on asset ownership, customer proximity and operational control.

The company appears to be moving away from partnerships where it shares decision-making authority, instead concentrating resources on campuses where it can manage both the infrastructure and the commercial relationships directly.

"Together, these transactions position TeraWulf for its next phase of growth," Paul says.

"Our strategy is centred on owning and operating critical infrastructure assets, maintaining direct relationships with our customers and controlling the long-term evolution of our campuses. We believe this model provides the greatest opportunity to generate durable cash flows and attractive long-term returns for shareholders."

The Anthropic lease offers predictable revenue across a 20-year horizon, whilst the Abernathy sale provides immediate capital that TeraWulf can allocate to projects where it retains full authority.

Whether this strategy delivers superior returns compared to joint venture structures will depend on execution across development, customer retention and operational efficiency over the coming years.