Data center operator TeraWulf signed a 20-year lease with AI company Anthropic, generating $19 billion（約3兆円） in projected contracted revenue, with its Kentucky facility due online in late 2027 and ramping to 401 megawatts by early 2028. Rival operator IREN is also competing for a lucrative Australian deal Anthropic is pursuing, potentially worth up to $15 billion（約2.4兆円）, which could boost IREN's revenue substantially by fiscal 2028.
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TeraWulf inked a 20-year lease with AI company Anthropic at its Justified Data campus in Kentucky, projected to go online in the second half of 2027 and ramp to 401 megawatts by early 2028, forecast to generate $19 billion（約3兆円） in contracted revenue. TeraWulf also agreed to sell its 50.1% stake in its Abernathy Joint Venture to an investor group led by Fluidstack. Separately, Anthropic is seeking computing resources in Australia, reportedly targeting at least 1.4 gigawatts of capacity in a deal valued at up to $15 billion（約2.4兆円）, with IREN believed to be a leading candidate.
Why it matters
Data center operators are landing multi-billion-dollar contracts with leading AI companies, validating long-duration infrastructure investment as a major revenue stream. For TeraWulf, the deal secures a decade-plus revenue foundation; for IREN, the potential Australian deal could lift revenue from $717 million（約1100億円） this year to $8.5 billion（約1.4兆円） in fiscal 2028, marking a substantial expansion tied directly to AI compute demand.
What to watch
TeraWulf's Justified Data campus is projected to go online in the second half of 2027 and reach full 401-megawatt capacity by early 2028. A Freedom Capital Markets analyst upgraded IREN from hold to buy with a $58 share price target, citing the Australian opportunity.
Data center operators are moving into direct partnerships with leading AI companies to secure long-term revenue streams. TeraWulf's deal with Anthropic represents a validation of this strategy—CEO Paul Prager stated the lease "establishes a long-duration revenue stream with one of the world's leading AI companies." The move also frees up capital for TeraWulf, which is selling its 50.1% stake in Abernathy Joint Venture to Fluidstack, allowing the company to redeploy funds into additional AI infrastructure projects.
Anthropic's appetite for computing capacity extends beyond the United States. The company's pursuit of at least 1.4 gigawatts in Australia signals ambitions to expand its global infrastructure footprint, and IREN's candidacy for that deal reflects how critical compute availability has become for AI leaders. A Freedom Capital Markets analyst sees this opportunity translating into explosive revenue growth for IREN—projecting a jump from $717 million（約1100億円） this year to $8.5 billion（約1.4兆円） in fiscal 2028—illustrating how lucrative these AI infrastructure contracts can be for regional data center operators.
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