TeraWulf Signs $19B, 20-Year Lease With Anthropic for 401MW of Kentucky AI Compute
TeraWulf (NASDAQ: WULF) disclosed two major moves in an 8-K filing on July 6, 2026. The lead item: a 20-year lease agreement with Anthropic at the Justified Data Campus in Mount Storm, Kentucky, covering approximately 401 MW of critical IT load for high-performance computing. The deal is expected to generate roughly $19 billion in contracted revenue over the initial term.
Capacity is structured in phases, with delivery starting in late 2027 and completing in early 2028. Rent begins as each phase comes online.
TeraWulf stock opened up 15% in pre-market trading on the news.
The Pivot
TeraWulf was a cryptocurrency mining operator. Its pivot into AI infrastructure has accelerated through 2025 and 2026 as Bitcoin mining economics deteriorated and data center economics improved. The $19B Anthropic contract is the clearest signal of how far that pivot has gone: this is now Anthropic’s single largest data center lease by contracted value.
The company also announced the sale of its 50.1% stake in the Abernathy Joint Venture (FS CS I LLC) to a buyer group led by Fluidstack for approximately $530 million, paid across three installments through April 2027. TeraWulf says this monetizes a roughly $450 million investment at a premium and frees capital to expand wholly owned AI infrastructure.
Anthropic’s Infrastructure Strategy
The TeraWulf deal follows a pattern Anthropic has used to build out dedicated compute without owning it directly. Prior deals include Google financing a $5B Anthropic data center in Texas (500MW, with 7.7GW planned), a $1.8B cloud agreement with Akamai, and a capacity deal at SpaceX’s Colossus facility. The Kentucky campus adds 401MW to that picture, operating under a direct long-term lease rather than through a hyperscaler intermediary.
At the $19B figure over 20 years, the contract averages roughly $950M per year — consistent with Anthropic’s current trajectory of committing multi-hundred-million-dollar annual compute budgets across multiple facilities.
The Justified Data Campus is planned to run on 100% renewable baseload power, a consistent requirement across Anthropic’s infrastructure deals.