TeraWulf Inc. (NASDAQ: WULF) secured a 20-year lease with artificial intelligence company Anthropic and agreed to sell its majority stake in a Texas data centre joint venture, moves that are expected to add about USD$19 billion in contracted revenue while freeing up capital for future AI infrastructure projects.
The digital infrastructure developer said the lease covers a purpose-built AI campus at its Justified Data site in Hawesville, Kentucky. The agreement spans 20 years and is expected to generate approximately USD$19 billion in contracted lease revenue over the initial term.
Additionally, TeraWulf signed a definitive agreement to sell its 50.1 per cent ownership interest in the Abernathy Joint Venture to an investor group led by its partner, Fluidstack. The company said the sale will monetize its approximately USD$450 million investment at a premium to the amount it originally invested.
The transactions continue TeraWulf’s shift toward owning and operating AI infrastructure rather than holding minority interests in joint ventures. The company said the deals improve long-term revenue visibility while strengthening its balance sheet.
Anthropic leased approximately 401 megawatts of critical IT capacity at the Kentucky campus. Construction will take place in several phases, with the first capacity expected to enter service during the second half of 2027.
Subsequently, developers expect the campus to reach its full 401-megawatt capacity by early 2028. TeraWulf said the lease revenue will be supported by investment-grade credit.
Read more: Securitize begins NYSE trading with USD$266M tokenized stock launch
Read more: Coinbase wins UK approval for stock trading as it expands beyond crypto
Two transactions position the company for next growth stage
The company acquired the Justified Data campus earlier this year as part of its strategy to expand beyond Bitcoin mining into AI computing infrastructure. Large AI models require massive amounts of electricity and specialized data centres to operate, creating strong demand for facilities with reliable power supplies.
Meanwhile, the Abernathy Joint Venture was created in 2025 to develop a 168-megawatt AI data centre campus in Abernathy, Texas. TeraWulf and Fluidstack worked together to advance the project before agreeing to the ownership transfer.
Following the transaction, Fluidstack will continue leading development of the Texas campus. TeraWulf will instead redirect the proceeds toward wholly owned AI infrastructure projects where it controls operations and customer relationships.
Chief executive officer Paul Prager said the Anthropic agreement fulfills a commitment the company made earlier this year after acquiring the Kentucky property. He said management had expected to secure a major customer by around the end of the second quarter, with the announcement following the completion of final documentation and customary approvals.
Additionally, Prager described the lease as validation of the company’s business strategy. He said the agreement creates a decades-long revenue stream with one of the world’s largest AI companies while demonstrating TeraWulf’s ability to secure electricity, develop infrastructure and attract major customers.
Prager also said selling the Abernathy stake allows the company to realize the value created through its investment. He added that the proceeds can now support projects where TeraWulf owns the assets outright and maintains operational control.
Read more: MARA acquires Texas power site to expand AI and Bitcoin infrastructure
Read more: South Carolina signs crypto bill protecting Bitcoin mining and self-custody
AI customers sign longer contracts than crypto miners
Furthermore, he said the two transactions position the company for its next stage of growth. According to Prager, TeraWulf believes direct ownership of infrastructure and customer relationships offers stronger long-term returns and more durable cash flow than minority ownership structures.
The company expects several benefits once both transactions close. Those include adding approximately USD$19 billion in contracted lease revenue, expanding its relationship with Anthropic and simplifying its financial reporting by eliminating joint venture accounting related to Abernathy.
Additionally, management plans to recycle capital into wholly owned AI infrastructure developments. The company believes that strategy will allow it to capture more long-term value from future projects.
The announcements reflect a broader trend across the digital infrastructure industry. Companies that built facilities for cryptocurrency mining increasingly have turned toward AI data centres due to the electricity requirements.
However, AI customers generally sign longer contracts than cryptocurrency miners, providing developers with more predictable revenue streams. Those agreements also help companies justify the large capital investments needed to build new facilities.
Anthropic has become one of the fastest-growing developers of generative AI models, increasing demand for computing capacity across North America. Consequently, infrastructure providers have raced to secure power-rich sites capable of supporting hundreds of megawatts of computing equipment.
The company said the Kentucky campus creates a framework for future expansion beyond the initial lease. TeraWulf also said the deals support its plan to develop more AI infrastructure while reinvesting capital into new developments.
.
