By Connor Hart
TeraWulf said it has entered into a 20-year lease agreement with Anthropic for an artificial-intelligence infrastructure campus in Kentucky.
The company, which develops, owns and operates large-scale digital infrastructure for AI and high-performance computing, said Monday the lease is expected to generate about $19 billion in contracted lease revenue over the initial terms.
Shares of TeraWulf jumped 16%, to $24.49, in premarket trading.
The lease will additionally be supported by an investment-grade credit, TeraWulf said.
The campus is projected to accommodate more than 400 megawatts of critical information-technology load and will be developed in multiple phases. Initial capacity is expected to come online in the second half of next year, before ramping to full capacity by early 2028.
Separately, TeraWulf said it will sell its 50.1% ownership interest in the Abernathy Joint Venture to an investor group led by its joint venture partner, Fluidstack.
Write to Connor Hart at connor.hart@wsj.com