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Home/Deal Room/TeraWulf signs $19B Anthropic AI lease at Justified Data

Cloud capacity · Evidence brief

TeraWulf signs $19B Anthropic AI lease at Justified Data

TeraWulf + Anthropic + Raylan Data + Fluidstack

Primary sourceSEC summary2026-07-06
Deal structureLong-term AI infrastructure campus lease / HPC data-center capacity commitment
GeographyHawesville, Kentucky, United States; Abernathy, Texas capital-recycling transaction
Infrastructure layersCloud capacity + data centers + power infrastructure + financing
Disclosed scale20-year Anthropic lease at TeraWulf's Justified Data campus in Hawesville, Kentucky, expected to generate approximately $19B of contracted lease revenue over the initial term and support about 401 MW of critical IT load, with initial capacity expected in H2 2027 and full ramp targeted by early 2028; separate Abernathy transaction sells TeraWulf's 50.1% JV stake to a Fluidstack-led investor group for about $530M

Why it matters

The strategic read

Adds a same-day, SEC-backed AI infrastructure receipt tying one of the frontier-model labs directly to a miner-turned-data-center operator and a specific 401 MW Kentucky campus. The deal shows Anthropic continuing to secure dedicated compute and powered real estate outside traditional hyperscaler cloud regions, while TeraWulf monetizes a Fluidstack JV stake to recycle capital into wholly owned AI campuses. It is a clean example of the new stack: power-first sites, long-duration AI customer leases, investment-grade credit support, and capital recycling from crypto/HPC operators into purpose-built AI infrastructure.

Source-supported terms

What was disclosed

  1. 01

    TeraWulf announced on July 6, 2026 that its subsidiary Raylan Data LLC entered into a 20-year lease agreement with Anthropic PBC as tenant.

  2. 02

    The lease covers the Justified Data campus in Hawesville, Kentucky.

  3. 03

    TeraWulf said the lease is expected to generate approximately $19B of contracted revenue over the initial lease term.

  4. 04

    The Form 8-K says Raylan Data will provide Anthropic with approximately 401 MW of critical IT load for high-performance-computing operations.

  5. 05

    Delivery of leased capacity is expected in phases beginning in late 2027 and concluding in early 2028.

  6. 06

    Anthropic rent obligations begin when the applicable leased premises are delivered and continue for 20 years thereafter.

  7. 07

    Anthropic has options to extend the lease for up to an additional 10 years through two successive five-year renewal options.

  8. 08

    Anthropic payment obligations are expected to be supported by an investment-grade credit.

  9. 09

    TeraWulf separately entered into a Membership Interest Purchase Agreement to sell its entire 50.1% ownership interest in the Abernathy Joint Venture / FS CS I LLC to Fluidstack CS I Inc. and other purchasers.

  10. 10

    The Abernathy consideration is approximately $530M, payable in installments of $250M within 14 days of execution, $150M by December 31, 2026, and approximately $130M subject to adjustments by April 30, 2027.

  11. 11

    TeraWulf said the Abernathy JV was established in 2025 to develop a 168 MW critical IT load AI data-center campus in Abernathy, Texas.

  12. 12

    TeraWulf said it intends to redeploy proceeds into wholly owned AI infrastructure opportunities where it maintains direct ownership, customer relationships and operational control.

Disclosure boundary

What is known—and what is not

Primary TeraWulf press release plus Form 8-K. Public materials disclose the tenant, landlord subsidiary, site, lease term, 401 MW critical IT load, expected delivery window, $19B contracted-revenue estimate, renewal-option structure, investment-grade credit support expectation, and related $530M Abernathy JV sale to a Fluidstack-led investor group. Public materials do not disclose the full lease, rent schedule, credit-support provider, financing stack for Justified Data, construction budget, power-supply agreement, utility-service terms, interconnection upgrades, EPC contractor, equipment vendors, phase-by-phase data-hall specifications, customer remedies, termination rights, service-level terms, or whether future expansion beyond the 401 MW lease is committed.