TeraWulf Inc. has announced two major transactions that the Maryland-based company says will reshape its revenue profile and capital structure, securing a landmark long-term lease with AI developer Anthropic while simultaneously exiting its joint venture position in a data center project.

Anthropic to Anchor Justified Data Campus in Kentucky

TeraWulf has executed a 20-year lease agreement with Anthropic at its Justified Data campus located in Hawesville, Kentucky.

The lease is expected to generate approximately USD 19 billion of contracted revenue over the initial lease term and is expected to be supported by an investment-grade credit.

The campus will accommodate approximately 401 megawatts of critical IT load and will be developed across multiple phases.

TeraWulf said initial capacity is expected to be placed into service during the second half of 2027, with the campus ramping to the full 401 megawatts by early 2028.

Paul Prager, Chairman and Chief Executive Officer of TeraWulf, noted that the company had signaled to investors as far back as February that it expected to secure a major customer commitment at the Justified Data campus by around the end of the second quarter of 2026.

"The timing of today's announcement reflects the completion of final documentation and customary transaction processes," Prager said, adding that the company is "proud to announce this landmark partnership with Anthropic."

Prager described the Anthropic lease as a validation of TeraWulf's broader strategy, stating that the agreement "provides approximately USD 19 billion 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 Joint Venture Stake Sold to Fluidstack-Led Group

In a separate but concurrent transaction, TeraWulf has entered into a definitive agreement to sell its entire 50.1% ownership interest in the Abernathy Joint Venture to an investor group led by Fluidstack, the company's existing joint venture partner.

TeraWulf described Fluidstack as a leading AI cloud infrastructure provider. The Abernathy Joint Venture was established in 2025 to develop a 168-megawatt critical IT load AI data center campus in Abernathy, Texas.

TeraWulf said the sale monetizes its approximately USD 450 million investment at a premium to invested capital. Following the closing of the transaction, Fluidstack will continue to lead the project.

Prager framed the Abernathy sale as a deliberate capital recycling decision.

"The sale of our ownership interest in Abernathy to a group led by Fluidstack crystallizes 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 said.

Strategic Rationale: Direct Ownership and Operational Control

TeraWulf said the two transactions together are designed to align the company's capital with infrastructure platforms where it retains direct ownership, customer relationships, and operational control.

The company identified the elimination of joint venture accounting tied to the Abernathy exit as an additional benefit, saying it will simplify its financial statements and streamline financial reporting.

The company said it intends to recycle the capital unlocked from the Abernathy sale into wholly owned AI infrastructure opportunities, where it believes it can capture greater long-term economic value. Prager outlined the overarching philosophy driving both moves.

"Our strategy is centered on owning and operating critical infrastructure assets, maintaining direct relationships with our customers, and controlling the long-term evolution of our campuses," he said.

"We believe this model provides the greatest opportunity to generate durable cash flows and attractive long-term returns for shareholders."

Expected Outcomes Following Transaction Completion

TeraWulf outlined several outcomes it expects once both transactions are complete. The company anticipates adding approximately USD 19 billion of contracted revenue under the initial 20-year Anthropic lease term and bringing initial Anthropic capacity at the Justified Data campus online in the second half of 2027.

The company also expects to monetize its approximately USD 450 million Abernathy investment at a premium to invested capital while redeploying that capital into wholly owned AI infrastructure opportunities.