Anthropic, the artificial intelligence company behind the Claude model, has signed a landmark 20-year lease with TeraWulf for a data center at the Justified Data campus in Hawesville, Kentucky. The agreement is expected to generate approximately $19 billion in revenue for TeraWulf over its term, marking one of the largest single-tenant data center commitments in the industry. The deal underscores the accelerating demand for dedicated infrastructure among leading AI labs, which are increasingly moving beyond cloud rental agreements to secure long-term, controlled capacity.
The Justified Data campus, built on a former aluminum processing site that TeraWulf acquired in February 2026 for $200 million, is being developed in phases and will offer up to 401 megawatts of IT capacity once fully operational. Initial capacity is expected to come online in the second half of 2027, with the entire campus reaching full operation by early 2028. Paul Prager, chairman and CEO of TeraWulf, said the lease validates the company’s strategy and establishes a durable revenue stream with one of the world’s leading AI firms. He noted that the timing of the announcement reflects the completion of final documentation and customary transaction processes.
The deal follows a period of aggressive infrastructure expansion by Anthropic. In June 2026, reports emerged that the company had signed more than a dozen letters of intent with data center developers. Historically, Anthropic has relied heavily on cloud providers for compute capacity, committing to rent more than 10 gigawatts of servers from partners including Google, Amazon Web Services, Akamai, CoreWeave, and Fluidstack. Notably, Anthropic signed a $200 billion agreement with Google and a $50 billion partnership with Fluidstack. The company has also leased entire data centers from SpaceX/xAI, including the Colossus 1 facility for $1.25 billion per month and space in Colossus II.
Separately, TeraWulf announced the sale of its entire 50.1 percent ownership stake in the Abernathy Joint Venture, a 168-megawatt data center campus in Abernathy, Texas, formed in October 2025 with Fluidstack. The stake was sold to an investor group led by Fluidstack, allowing TeraWulf to realize value from its $450 million investment and redeploy capital into other infrastructure platforms. Prager emphasized that the divestiture crystallizes the value created through the investment and generates capital for projects where TeraWulf maintains direct ownership, customer relationships, and operational control. Fluidstack, backed by Google, remains a major customer of TeraWulf’s New York campus near Buffalo, with its capacity ultimately serving Anthropic.
Together, these transactions position TeraWulf for its next phase of growth, centered on owning and operating critical infrastructure assets and maintaining direct relationships with customers. The company believes this model offers the greatest opportunity to generate durable cash flows and attractive long-term returns for shareholders.
Source: datacenterdynamics