TeraWulf’s $19 Billion Contract With Anthropic Awaits Deliveries Starting in 2027
Key Facts
The core deal between TeraWulf and Anthropic dates to the company’s July 6, 2026 announcement that it had signed a 20-year lease for a data center at the Justified site in Hawesville, Kentucky. The company estimated the agreement’s contracted revenue at about $19 billion, while the development schedule calls for capacity to begin coming online in the second half of 2027. The facility is then expected to ramp up to its full 401 megawatts by early 2028. The timeline puts the period from the contract announcement to delivery of full capacity beyond the start of initial service. Details circulating about Google credit support for the financing or a final engineering, procurement and construction agreement with Fluor could not be verified, so they cannot be presented as confirmed developments in the deal.
The contract offers the possibility of increasing contracted revenue to about $33 billion over 30 years if Anthropic exercises its two extension options, each lasting five years. That figure remains conditional on the exercise of both options, while the initial lease term is 20 years. This provides a longer timeframe for the potential commercial relationship between the two parties, but does not change the site’s announced service start schedule. TeraWulf plans to bring capacity online in stages before reaching full capacity in early 2028. These dates are the execution milestones specified in the company’s project disclosure.
The Justified data center is part of a project that TeraWulf said provides access to about 480 megawatts of total capacity, with more than 250 buildable acres. These figures put the site’s scale in context compared with the 401 megawatts the company aims to deliver to Anthropic by early 2028. According to the company’s disclosure, the site’s total available capacity covers a broader project footprint than the capacity specified in the lease. Executing the contract depends on preparing and delivering this infrastructure gradually according to the announced schedule. The disclosure gave no completion date beyond early 2028 for delivery of the contracted capacity.
The project is part of TeraWulf’s expansion into leasing high-performance computing capacity. In the second quarter of 2026, the company reported revenue of $44.8 million, including $31.9 million from high-performance computing leases, or about 71% of the total. The figures show that leasing accounted for most of the reported revenue in that quarter, ahead of the expected start of service at the Justified site. But they relate to the second quarter and do not represent revenue from the Anthropic project, which had not begun delivery under the announced schedule. Revenue tied to the contract is spread over the lease term, with the potential to reach about $33 billion if Anthropic exercises its two extension options.
TeraWulf previously announced Google credit support for a separate project at the Lake Mariner site, tied to Fluidstack’s obligations. The company said the conditions for activating Google’s $600 million support were met after CB-3 was delivered in early July 2026, when revenue-generating capacity rose to 102 megawatts. That support relates to Fluidstack’s contract obligations at Lake Mariner, not the Anthropic contract at the Justified site. The distinction between the two projects reflects the different locations and beneficiaries of the announced support arrangements. The previous disclosure therefore is not evidence of Google credit support for financing the Anthropic contract.
In a separate financing move, TeraWulf on October 23, 2026, raised the total commitments under its senior secured revolving credit facility from $250 million to about $400 million. The amendment also made it possible to increase the facility by about $150 million, subject to additional commitments from lenders. The amendment applies to the company’s credit facility, and the disclosure did not specify any connection to the Anthropic contract or financing for the Justified site. The project’s announced development schedule remains a service start in the second half of 2027, followed by a ramp-up to its full 401-megawatt capacity in early 2028. These are the milestones the company set for project delivery.