Anthropic signs 20-year, $19 billion lease for 400 MW data center in Kentucky with TeraWulf, a former cryptocurrency mining operation.

Anthropic signed a 20-year lease on Monday for a data center campus in Hawesville, Kentucky, operated by TeraWulf. The deal is expected to generate approximately $19 billion in contracted revenue over the initial term.

The campus, called Justified Data, will accommodate approximately 401 MW of critical IT load for high-performance computing operations. Capacity will be delivered in phases, with the first tranche expected online in the second half of 2027 and the full 401 MW in place by early 2028. Anthropic also holds two successive five-year renewal options, according to a Securities and Exchange Commission filing.

TeraWulf Chairman and Chief Executive Officer Paul Prager said the company had told investors earlier in the year it expected to secure a major customer 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," Prager said in a statement. TeraWulf stock climbed more than 16% in premarket trading Monday.

Separately, TeraWulf announced it would sell its 50.1% stake in the Abernathy Joint Venture, a 168 MW data center campus under development in Abernathy, Texas, to an investor group led by joint venture partner Fluidstack. The total consideration is approximately $530 million, payable in three installments: $250 million within 14 days of signing, $150 million by December 31, 2026, and roughly $130 million by April 30, 2027. TeraWulf said it invested approximately $450 million in the project.

The company intends to redeploy capital from the Abernathy sale into data center opportunities where it maintains direct ownership and operational control. AI data center infrastructure has become the core focus of TeraWulf's business, a pivot from its origins as a cryptocurrency mining operation.