Anthropic Signs $19 Billion TeraWulf Lease for 401 MW Kentucky AI Campus
Anthropic’s landmark lease turns contracted AI demand into infrastructure value, reshaping how data centers are financed, built, and valued.
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Anthropic PBC has signed a 20-year lease for approximately 401 megawatts of critical IT load at the Justified Data campus in Hawesville, Kentucky, expected to generate approximately $19 billion in contracted revenue over the initial term.
TeraWulf Inc. subsidiary Raylan Data LLC acts as the landlord.
The lease funds a purpose-built, single-tenant high-performance computing facility for Anthropic’s Claude model training and inference.
TeraWulf announced the agreement on July 6, 2026, with phased capacity delivery beginning in the second half of 2027.
Lease Terms And Rent Commencement
The agreement guarantees approximately $19 billion in cumulative revenue over a 20-year initial term, an average annual run rate of approximately $950 million.
The lease includes two successive five-year renewal options, allowing Anthropic to extend to a total of 30 years.
Rent obligations commence incrementally as each phase of physical capacity is delivered, rather than at a fixed future date.
The lease is backed by an investment-grade credit profile referenced in the transaction filings.
The Hawesville Brownfield Site
The Justified Data campus sits at the site of the retired Century Hawesville aluminum smelter in Hancock County, which ceased operations in 2022 with the loss of 600 industrial jobs.
The facility comprises a gross site footprint of 482 MW, engineered to deliver 370 MW to 401 MW of critical IT load across two primary data halls, each supporting 185 MW of critical capacity.
The campus uses a closed-loop liquid cooling system designed by Motivair and Schneider Electric, using a water and propylene glycol mixture that recycles within a sealed system and draws no water from local reservoirs or river systems.
Grid Interconnection Structure
Electric service is governed by a long-term Agreement for Electric Service submitted to the Kentucky Public Service Commission on April 14, 2026, under Case Number 2026-00115.
The contract defines a 15-year initial term with five-year rolling extensions and operates as a pass-through structure tied to the Midcontinent Independent System Operator energy and capacity markets.
Power flows from MISO through Big Rivers Electric Corporation and Kenergy Corp to Raylan Data on a pass-through basis with no mark-up on wholesale cost.
The customer bears all MISO market energy and capacity risk and is entitled to all MISO revenues and credits attributable to the Hawesville Commercial Pricing Node.
Concurrent Abernathy Divestiture
Concurrently with the lease, TeraWulf subsidiary Big Country Wulf LLC divested its 50.1% interest in the Abernathy Joint Venture in Texas to an investor group led by Fluidstack CS I Inc. for approximately $530 million, an 18% premium over TeraWulf’s original $450 million investment.
The consideration is structured in three installments: $250 million within 14 days of execution, $150 million on or before December 31, 2026, and approximately $130 million on or before April 30, 2027.
Total site development capital for the Justified Data campus is estimated at $3.5 billion to $4.0 billion, excluding tenant hardware.
First capacity is scheduled for the second half of 2027, with full buildout following.
The closed-loop water filtration system is most appreciated by the local community.