TeraWulf Signs 20-Year Lease with Anthropic for Kentucky AI Campus, Sees $19 Billion in Contracted Lease Revenue

TeraWulf Inc. said Monday it signed a 20-year lease with Anthropic PBC for an artificial intelligence and high-performance computing campus in Kentucky, a deal the company said is expected to generate about $19 billion in contracted lease revenue over the initial term. The announcement, disclosed in a company press release and a July 6 filing with the Securities and Exchange Commission, sent TeraWulf shares sharply higher as investors welcomed a major step in the company’s shift beyond Bitcoin mining.

The lease, signed by TeraWulf subsidiary Raylan Data LLC, covers an AI and high-performance computing, or HPC, campus at the company’s Justified Data site in Hawesville, Kentucky. TeraWulf said the campus is planned to support about 401 megawatts of critical IT load, with initial capacity expected to enter service in the second half of 2027 and the full 401 MW reached by early 2028. The SEC filing said the agreement also includes two five-year renewal options, allowing Anthropic to extend the arrangement for up to 10 additional years.

The deal is significant because it underscores how a company long known for Bitcoin mining is trying to remake itself as a digital infrastructure landlord serving the AI boom. Rather than relying mainly on cryptocurrency mining, TeraWulf is increasingly pitching investors on long-duration lease revenue from data-center capacity built for AI model training and other compute-heavy workloads.

TeraWulf paired the Anthropic announcement with another transaction tied to that repositioning. The company said it agreed to sell its 50.1% interest in the Abernathy joint venture to a purchaser group led by Fluidstack for about $530 million. According to the 8-K, that amount is scheduled to be paid in three installments: $250 million within 14 days, $150 million by Dec. 31, 2026, and about $130 million by April 30, 2027, subject to adjustments.

The Kentucky project adds to a shift that was already visible in TeraWulf’s first-quarter 2026 results. In that period, the company reported about $34 million in total revenue, including about $21 million in HPC lease revenue, highlighting how data-center leasing has become a more important part of the business. The Hawesville campus also represents a brownfield redevelopment: the site is a former Century Aluminum smelter property that TeraWulf acquired in February 2026.

Anthropic, the AI company behind the Claude models, has been investing heavily in compute infrastructure. The company has previously announced a $50 billion U.S. AI infrastructure commitment, helping explain its role as an anchor tenant for a large site like Hawesville.

TeraWulf Chief Executive Paul Prager said in the company’s press release that “The Anthropic lease validates our strategy and establishes a long-duration revenue stream with one of the world’s leading AI companies.”

Still, some of the most eye-catching terms come directly from TeraWulf’s own disclosures and were presented with the usual forward-looking-risk warnings. The roughly $19 billion figure is the company’s stated expectation for contracted lease revenue over the initial 20-year term, not realized revenue. TeraWulf also said in the press release and SEC filing that Anthropic’s payment obligations “are expected to be supported by an investment-grade credit,” but it did not identify a guarantor in the source materials reviewed.

No separate public statement from Anthropic confirming the specific lease was available in the source material. Even so, the announcement marks a pivotal moment for TeraWulf’s transformation from a crypto miner into a developer and lessor of large-scale AI data centers.