TeraWulf Signs $19 Billion 20-Year Lease with Anthropic on Monday

According to Bernstein and TeraWulf, the company signed a 20-year, $19 billion lease agreement with AI developer Anthropic on Monday. The contract covers 401 megawatts of IT load at TeraWulf's Justified data campus in Hawesville, Kentucky, generating an average annual yield of $2.4 million per IT megawatt—exceeding Bernstein's prior $1.9 million assumption.

TeraWulf also agreed to sell its 50.1% stake in the Abernathy joint venture to Fluidstack for $530 million, yielding an 18% return on its original $450 million investment. The company plans to redeploy proceeds into fully owned AI infrastructure. TeraWulf's total AI order book now stands at approximately $27 billion across roughly 839 megawatts of IT load.