CNBC- TeraWulf signed a 20-year lease with Anthropic for a purpose-built AI infrastructure campus in Hawesville, Kentucky, with a capacity of approximately 401 megawatts.
- The lease is expected to generate approximately $19 billion in revenue over its initial term.
- TeraWulf agreed to sell its 50.1% ownership interest in the Abernathy Joint Venture to an investor group led by Fluidstack.
- Following the announcements, TeraWulf stock soared 17-20% in premarket trading and closed higher.
- TeraWulf is a crypto mining company that has pivoted to AI data center infrastructure.
- The Abernathy Joint Venture was established in 2025 to develop a 168 MW AI data center campus in Abernathy, Texas.
- The sale of the Abernathy ownership interest monetizes TeraWulf’s approximately $450 million investment at a premium to invested capital.
- CEO Paul Prager stated that the Anthropic lease validates the company’s strategy and establishes a long-duration revenue stream.
TeraWulf has signed a 20-year lease with Anthropic for a purpose-built AI infrastructure campus in Hawesville, Kentucky, which will support approximately 401 megawatts of critical IT load. The lease is projected to generate around $19 billion in revenue over its term, with initial capacity expected to come online in the second half of 2027 and full operational capacity by early 2028.1234569
"The Anthropic lease validates our strategy and establishes a long-duration revenue stream with one of the world’s leading AI companies," said CEO Paul Prager. He emphasized that the lease agreement creates a framework for future expansion.
In a separate move, TeraWulf announced the sale of its 50.1% stake in the Abernathy Joint Venture to Fluidstack, monetizing an investment of approximately $450 million at a premium to invested capital. This sale is expected to simplify TeraWulf's financial reporting and strengthen its balance sheet for future AI infrastructure development.1011
Following these announcements, TeraWulf's stock advanced 17% in premarket trading, rebounding after a previous decline. The company aims to redirect capital towards wholly owned infrastructure platforms with greater long-term economic potential.
“The lease is expected to generate approximately $19 billion in contracted revenue over its initial 20-year term, backed by investment-grade credit. TeraWulf CEO Paul Prager said the agreement validates the company's strategy and establishes a long-duration revenue stream with one of the world's leading AI companies.”
