Anthropic Eyes 400 MW Data Center Campus
TeraWulf is building the facility on property it acquired earlier this year.
AI giant Anthropic has signed a 20-year lease with landlord TeraWulf Inc. for a purpose-built AI data center facility in Hawesville, Ky. The data infrastructure will be developed for the tenant at the Justified Data campus site.
The campus will accommodate about 401 MW of load and will be developed in phases. Initial capacity is expected to be placed into service during the second half of 2027, with the campus ramping to full capacity by early 2028, according to TeraWulf.
The owner said that the lease will generate roughly $19 billion of contracted revenue over the initial 20-year lease term.
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TeraWulf acquired the Justified Data campus site, a former aluminum smelting operation, in February. Hawesville is a town on the south bank of the Ohio River, about 70 miles southwest of Louisville.
The site includes more than 250 buildable acres for data centers and offers immediate access to multiple high-voltage transmission lines, an on-site energized substation and a direct connection to the regional transmission network, leading to a totaling existing power availability of about 480 MW, the company said.
Separately, TeraWulf also announced it has entered into an agreement to sell its 50.1 percent ownership interest in the Abernathy Joint Venture to an investor group led by its joint venture partner, Fluidstack. The Abernathy JV was established in 2025 to develop a 168 MW AI data center campus in Abernathy, Texas.
Since the project’s inception, TeraWulf and Fluidstack have advanced the development of the campus. Following the closing of the transaction, Fluidstack will continue to lead the project. The transaction monetizes TeraWulf’s $450 million investment at a premium to invested capital, the company reported.
Data centers still on robust growth track
Anti-data center sentiment has sprouted recently, but for now that isn’t stopping the robust momentum of the sector. NAREIT’s active manager tracker, which monitors quarterly investment holdings of the largest actively managed real estate investment funds, shows a persistent appetite for data center investing.
In June, KKR teamed up with the Kuwait Investment Authority, NVIDIA and Vistra to launch Helix Digital Infrastructure, a new company designed to be a one-stop shop for data center development. The venture is backed by more than $10 billion in initial long-duration capital commitments, according to KKR.
The same month, Digital Realty acquired an ownership interest in three Northern Virginia hyperscale data centers for about $3.5 billion from Blackstone-affiliated funds. Earlier in the year, Digital Realty closed its first U.S. hyperscale data center fund, securing almost $3.3 billion of total equity commitments.
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