Terawulf

Anthropic, Macquarie, and GIC launched the Theseus Infrastructure platform on August 10, 2026, facing an anchor tenant lease and a New York permit pause.

Google significantly underwrites Anthropic's Texas operations by guaranteeing leases and taking a stake, influencing major deals like the $15 billion Nexus transaction.

Nexus plans an Anthropic campus in Hubbard, Texas, with a 1.6-gigawatt gas plant, backed by a $14 billion loan led by Morgan Stanley, Google's guarantees, and Broadcom's TPU financing.

The pass-through tariff functions as the key asset in the Anthropic-TeraWulf lease, managing energy risk transfer and offering investment-grade rent through structured execution.

The data center industry is seeing leases transform into financial assets, as hyperscalers, investors, and operators vie for compute capacity by securing future contracts.

Anthropic has signed a 20-year lease for a Kentucky data center with TeraWulf, valued at $19 billion, while TeraWulf is also selling its stake in a joint venture with Fluidstack.

The AI infrastructure financing landscape is bifurcating into large-scale hyperscaler mega-builds and smaller, contract-backed independent platforms, fundamentally altering how capacity is funded and ownership structures are established.

Data Center Knowledge visited the TeraWulf and Schneider Electric campus in Buffalo, New York, to examine the infrastructure required for powering and cooling advanced data centers.

TeraWulf's Lake Mariner campus is repurposing a retired coal plant into an AI factory prototype, demonstrating an ambitious AI deployment that leverages old industrial power infrastructure, as observed during a Schneider Electric press event.