AI Infrastructure Deal Secures Long-Term Revenue
TeraWulf Inc. (NASDAQ:WULF) shares jumped 20% on Monday after the company announced a 20-year lease agreement with Anthropic for its Justified Data campus and disclosed the sale of its majority interest in the Abernathy Joint Venture.
The agreement with Anthropic covers a purpose-built artificial intelligence infrastructure campus in Hawesville, Kentucky and is expected to generate approximately $19 billion in contracted revenue over the initial lease term.
According to the company, the lease will be backed by investment-grade credit quality.
Kentucky Campus to Be Developed in Phases
The Justified Data campus is designed to support approximately 401 megawatts of critical IT capacity and will be constructed in multiple stages.
TeraWulf expects the first phase to become operational during the second half of 2027, with the full site scheduled to reach capacity by early 2028.
Company Monetizes Texas Joint Venture Investment
In a separate transaction, TeraWulf agreed to sell its 50.1% ownership stake in the Abernathy Joint Venture to an investor consortium led by Fluidstack.
The company said the sale realizes the value of its approximately $450 million investment at a premium to the capital originally invested.
The Abernathy Joint Venture was established in 2025 to develop a 168-megawatt AI data centre campus in Abernathy, Texas. Once the transaction is completed, Fluidstack will continue leading the project’s development.
Capital to Be Reinvested in Core Infrastructure
Chairman and Chief Executive Officer Paul Prager said the Anthropic agreement reinforces TeraWulf’s long-term strategy by creating a durable revenue stream with one of the leading companies in artificial intelligence.
He added that the disposal of the Abernathy stake unlocks the value created through the investment while providing capital that can be reinvested into infrastructure assets where TeraWulf retains direct ownership, customer relationships and operational control.