Shares in TeraWulf Incorporated climbed 20% on Monday after the company announced a long-term lease agreement with AI firm Anthropic and the sale of its majority stake in the Abernathy Joint Venture to Fluidstack.
The company said it had signed a 20-year lease with Anthropic for a purpose-built artificial intelligence infrastructure campus at its Justified Data campus in Hawesville, Kentucky.
According to TeraWulf, the agreement is expected to generate approximately $19 billion in contracted revenue over the initial lease term and is backed by investment-grade credit.
The campus will provide around 401 megawatts (MW) of critical IT capacity and will be developed in several phases. Initial capacity is expected to come online during the second half of 2027, with the facility reaching full operational capacity by early 2028.
In a separate announcement, TeraWulf said it had entered into a definitive agreement to sell its 50.1% ownership stake in the Abernathy Joint Venture to an investor group led by Fluidstack.
The transaction monetises the company’s approximately $450 million investment at a premium to its invested capital, providing additional funds for future projects.
The Abernathy Joint Venture was established in 2025 to develop a 168 MW AI data centre campus in Abernathy, Texas. Following completion of the transaction, Fluidstack will continue to lead the project’s development.
Commenting on the announcements, TeraWulf Chairman and Chief Executive Officer Paul Prager said the Anthropic lease validates the company’s strategy of developing AI infrastructure and secures a long-term revenue stream with one of the world’s leading AI companies.
He added that the sale of the Abernathy stake crystallises the value created through the investment while generating capital that can be redeployed into infrastructure platforms where TeraWulf retains direct ownership, customer relationships and operational control.
