TeraWulf Surges on $19B Anthropic AI Lease, $450M Fluidstack JV Exit
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Key Takeaways
- TeraWulf's subsidiary signed a 20-year lease with Anthropic for 401 MW of HPC capacity at the Justified Data Campus.
- The lease is expected to generate approximately $19 billion in revenue over the initial term, with phased delivery starting in late 2027.
- TeraWulf agreed to sell its 50.1% interest in the Abernathy joint venture to Fluidstack for $530 million.
- The Abernathy sale proceeds will be paid in three installments through April 2027.
TeraWulf (NASDAQ: WULF) Inc. shares surged in pre-market trading Monday after the company unveiled two major artificial intelligence infrastructure transactions that together reshape its long-term revenue profile and capital strategy.
The stock of WULF rose about 15% before the opening bell, following news that the company has signed a 20-year lease with AI developer Anthropic and agreed to sell its controlling stake in a Texas joint venture to a partner-led investor group.
Under the agreement with Anthropic, TeraWulf will develop a purpose-built AI data center campus at its Justified Data site in Hawesville, Kentucky, with approximately 401 megawatts of critical IT load. The lease is expected to generate roughly $19 billion in contracted revenue over its initial 20-year term, according to the company. Initial capacity is expected to come online in the second half of 2027, with full ramp-up targeted for early 2028. TeraWulf said the arrangement is expected to be supported by investment-grade credit quality, though it did not disclose the counterparty rating.
The scale of the contract places the agreement among the larger long-term infrastructure commitments announced to date in the rapidly expanding AI data center sector, where operators are increasingly locking in multi-decade arrangements with large model developers seeking dedicated compute capacity.
