TeraWulf Inc. announced that its subsidiary Raylan Data LLC entered into a 20-year Justified Data Campus Lease with Anthropic PBC, committing to provide approximately 401 MW of critical IT load for high-performance computing at its Hawesville, Kentucky data center campus, with phased capacity delivery expected between late 2027 and early 2028. The agreement, supported by an investment-grade credit and expected to generate about US$19.00 billion in contracted revenue over the initial term, marks a long-duration, hyperscale commitment that could materially reshape TeraWulf’s revenue mix and long-term cash flow visibility. The Anthropic lease directly supports TeraWulf’s pivot from volatile bitcoin mining toward long-duration, contracted AI and HPC infrastructure, strengthening the near term catalyst of landing high quality, investment grade tenants while amplifying the risk around capital intensity and execution on a much larger build program. Together with the long-term Fluidstack agreement backed by Google, it reinforces building a portfolio of multi-billion dollar, hyperscale AI contracts that diversify away from legacy mining and increase revenue visibility, though it also highlights ongoing risk from growing dependence on a small number of very large counterparties.