TeraWulf's Dual Strategy: US$19bn Anthropic Deal and JV Sale

TeraWulf has secured a big win in the AI infrastructure market with two major moves.

A landmark long-term lease with AI giant Anthropic and selling its stake in Abernathy Joint Venture to an investor group – both moves are expected to generate billions in future revenue while freeing up capital for expansion.

The digital infrastructure company announced that it has signed a 20-year lease agreement with Anthropic for its purpose-built AI campus at the Justified Data site in Hawesville, Kentucky, US. 

The deal is expected to deliver approximately US$19bn in contracted lease revenue over the initial term, marking a major milestone in TeraWulf's strategy of “developing, owning, and operating large-scale AI infrastructure campuses”.

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

The transaction alone monetises TeraWulf's approximately US$450m investment at a premium to invested capital, which will support future infrastructure projects.

The US$19bn Anthropic lease

Under the agreement with Anthropic, TeraWulf will see the development of a campus capable of supporting approximately 401 MW of critical IT load. 

With construction planned in multiple phases, the initial capacity is expected to come online during the second half of 2027 before reaching full capacity by early 2028.

The lease is expected to be backed by an investment-grade credit, providing long-term revenue certainty for the company while strengthening its relationship with one of the world's leading AI firms.

“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,” recalls Paul Prager, Chairman and CEO of TeraWulf. 

“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 Anthropic lease validates our strategy and establishes a long-duration revenue stream with one of the world’s leading AI companies. 

“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 sale unlocks capital 

Alongside the Anthropic partnership, TeraWulf is reshaping its investment portfolio by exiting the Abernathy Joint Venture in Texas, US.

The project was established back in 2025 to develop a 168 MW AI data centre campus, with TeraWulf and Fluidstack working together to advance the site. Once the transaction is completed, Fluidstack will continue leading the development.

This sale allows TeraWulf to realise the value of its initial investment and redirect its capital towards infrastructure assets where it retains full ownership, customer relationships and operational control.

“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,” notes Paul.

Looking ahead, the CEO believes the dual transactions reinforce the company's long-term strategy.

“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.”