Anthropic Signs $19 Billion, 20-Year Data-Center Lease With TeraWulf

Anthropic has signed a 20-year lease worth roughly $19 billion in contracted revenue with TeraWulf, taking capacity at the former bitcoin miner's Justified Data campus in Hawesville, Kentucky. The companies announced the agreement on July 6, 2026.

A Contract Bigger Than the Company

The Hawesville site will deliver approximately 401 megawatts of critical IT load, built out in phases. First capacity is due in the second half of 2027, with full ramp expected in early 2028. Over its initial 20-year term, the lease is projected to generate about $19 billion in contracted revenue — a figure that exceeds TeraWulf's roughly $12 billion market capitalization and sent its shares sharply higher on the news.

The deal underscores how decisively AI-hosting economics have overtaken cryptocurrency mining. TeraWulf, once focused on bitcoin, is now pivoting to become an AI infrastructure landlord for one of the world's leading model developers.

Streamlining Around AI Hosting

As part of the shift, TeraWulf is selling its 50.1 percent stake in the Abernathy data-center joint venture in Texas to a group led by Fluidstack for roughly $530 million. The divestment lets the company monetize existing capital while concentrating on wholly owned AI hosting facilities like Hawesville.

TeraWulf is not alone. As of early 2026, bitcoin miners had collectively signed more than $70 billion in AI computing contracts, trading the volatile economics of mining for the steadier, long-dated revenue that hyperscale AI tenants offer.

Locking In Power

For Anthropic, the lease is another move to secure the enormous, dependable power and compute it needs to train and serve frontier models. With electricity and buildable data-center sites now the scarcest inputs in the AI race, multibillion-dollar, multidecade commitments to specific campuses have become a defining feature of the buildout — and Kentucky's Justified Data campus is now firmly on that map.