TeraWulf Announces 20-Year Anthropic Lease for Approximately 401 MW of IT Capacity in Kentucky

TeraWulf announced in July 2026 that it had entered into a 20-year data-center lease with Anthropic for approximately 401 MW of IT computing capacity at the Justified Data Campus in Kentucky.

The company expects initial capacity delivery in the second half of 2027 and full delivery in early 2028. These are planned delivery milestones rather than confirmation that the capacity is operational. TeraWulf still has to build and hand over the planned capacity.

TeraWulf expects approximately $19 billion of contracted revenue over the initial lease term. That figure represents expected revenue over the lease period, not profit or cash already received. The company said potential contracted revenue could rise to approximately $33 billion if Anthropic exercises two five-year extension options.

The transaction is part of TeraWulf’s stated shift from Bitcoin mining toward HPC and AI infrastructure. For the data-center market, the agreement points to the willingness of large AI-compute customers to secure capacity through long-duration contracts before commissioning. This could increase the strategic value of sites with available power, grid interconnection, cooling infrastructure and sufficient delivery readiness, while concentrating execution risk on the operator.

Separately, TeraWulf reported that approximately 89% of its electricity supply came from low- or zero-carbon resources in 2025, and that its operations had an average PUE of approximately 1.06 that year. These metrics apply to TeraWulf’s operations overall and should not be treated as site-specific performance indicators for the future Anthropic capacity at Justified Data Campus.