Inside TeraWulf's Anthropic Data Centre Deal and AJV Exit

Terawulf has announced two major moves that strengthen its position as a data centre infrastructure owner.

The company has signed a 20-year lease agreement with Anthropic for its purpose-built AI campus at the Justified Data site in Hawesville, Kentucky.

It is also selling its majority interest in the Abernathy Joint Venture (AJV), allowing it to recycle capital into projects where it retains direct ownership and operational control.

Together, the agreements reinforce TeraWulf's strategy of building and operating AI-ready data centre campuses with long-term customers already in place.

A long-term AI campus commitment

The agreement with Anthropic represents one of the largest long-term commitments announced for AI data centre infrastructure, with approximately US$19bn in contracted lease revenue expected over the initial 20-year term.

The Justified Data campus is designed to support approximately 401MW of critical IT load. 

Development is planned in multiple phases. Initial capacity is expected to come online during the second half of 2027, with the campus reaching full capacity by early 2028.

The lease is also expected to be backed by investment-grade credit, giving TeraWulf long-term revenue visibility while strengthening its relationship with one of the world's largest AI companies.

Paul Prager, Chairman and CEO of TeraWulf, says: “When we announced the Justified Data campus acquisition in February, we told investors that we expected to secure a major customer commitment 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 and we are proud to announce this landmark partnership with Anthropic.”

Paul also says: “The Anthropic lease validates our strategy and establishes a long-duration revenue stream with one of the world’s leading AI companies.

“The lease provides approximately US$19bn 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.”

Selling Abernathy to fund future growth

Alongside securing a major customer, TeraWulf is reshaping its infrastructure portfolio.

The company has agreed to sell its 50.1% ownership interest in the Abernathy Joint Venture to an investor group led by its existing joint venture partner, Fluidstack.

The Abernathy project in Texas was established in 2025 to develop a 168MW AI data centre campus.

Following completion of the transaction, Fluidstack continues leading development of the site.

The sale monetises an investment valued at approximately US$450m at a premium to invested capital. The company plans to redeploy those funds into infrastructure assets where it owns the campuses outright and manages customer relationships directly.

Paul says: “The sale of our ownership interest in Abernathy to a group led by Fluidstack crystallises 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.

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

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