Data center profile · 1627 State Route 3543, Hawesville, Hancock County, Kentucky (former Century Aluminum smelter)

TeraWulf Justified Data Campus (Hawesville)

401 MW critical-IT campus at the former Century Aluminum smelter in Hawesville, Kentucky, on a 20-year Anthropic lease; 482 MW grid contract approved Aug. 2026.

Under construction, leased. TeraWulf signed a 20-year Anthropic lease July 6 and won state approval of its 482 MW power contract Aug. 21, 2026. Work remains demolition and cleanup; delivery planned from late 2027. Roughly $3.5 billion financing unconfirmed as of Aug. 2026.
Hawesville smelter core before (last VHR, pre-demolition), Satellite image, March 11, 2025
401 MW
critical IT capacity leased to Anthropic
company says; delivered in phases, with a planned September 2027 power ramp
482 MW
maximum utility demand in the approved power contract
filed with the state; the company also cites about 480 MW of gross power
~$19B
contracted revenue over the initial lease term
company says; up to about $33B if both extensions are used
$3.5B to $4.0B
estimated cost of buildings and site infrastructure
company figure filed with the state, excluding tenant computing equipment
OperatorTeraWulf, through Justified DataPower (site owner) and Raylan Data (landlord)
CustomerAnthropic (20-year lease signed July 6, 2026)
Planned IT capacity401 MW at full build-out (company IT figure)
First building in serviceOur estimate: 2027 (range 2027 to 2029); company says 2027.
Next deadlineSept. 2027: Planned power ramp and first phase delivery (late 2027, per company)
The site

The site from above

Satellite overview1
Satellite image, March 11, 2025. Pin: Hawesville smelter core before, last VHR, pre-demolition.
Power

Power and the grid

482 MW contracted

Big Rivers and Kenergy grid service (MISO market)Contract approved Aug. 21, 2026; MISO and transmission-rights conditions still open
482 MW
take-or-pay on the full 482 MW for the first six years; five 161 kV circuits on site Utility regulator · March 2026
Contracted
Backup generators (emergency use, not a power supply)

Getting on the grid

Who supplies what, what it costs, and what is still not public.

  1. March 20, 2026
    Power contract signed
    Big Rivers, Kenergy and TeraWulf sign a retail service agreement with a 482 MW maximum. Utility regulator · Sept. 2026
  2. May 12, 2026
    State suspends the contract for review
    The Public Service Commission suspends the contract for five months to test its reasonableness, and the Attorney General intervenes. Utility regulator · Aug. 2026
  3. Aug. 21, 2026
    State approves the contract
    The Commission's final order approves the agreement; any amendment needs its prior approval. Utility regulator · Aug. 2026
  4. Not set
    Full 482 MW draw: MISO and transmission-rights conditions
    Operating at the full contract demand still requires MISO approvals and a transfer of transmission rights from Century. see Permits

What is next door

campus0.36 km · gas pipeline2.94 km · 345 kV+ substation2.95 km · 345 kV+ linecampus0.36 km · gas pipeline2.94 km · 345 kV+ substation2.95 km · 345 kV+ line

Distances from mapped lines and plants. OpenStreetMap · Oct. 2026

Permits

Permits checklist

2 pending · 4 granted · 1 checked, nothing on file

Approvals a campus like this normally needs (including an air permit for backup generators), and what we found.

Risks

What could slow it down

Money

Money on record

$200M + 6.8% stake
price paid to Century Aluminum
cash plus a 6.8% minority interest in the development entity, which Century can put to TeraWulf after the campus goes live News report · Feb. 2026
~$19B
contracted lease revenue, initial term
company says; Anthropic's payments are expected to be supported by an unnamed investment-grade credit Company · Aug. 2026
~$3.5B
debt raise planned (press)
Morgan Stanley reported to lead; not confirmed closed as of Aug. 25, 2026 News report · July 2026
$16.5M
cleanup obligations at June 30, 2026
asbestos and spent potliner removal (press citing the company's filing) News report · Aug. 2026
$15M+ a year
local property tax in the first full year
company estimate; no abatement found Utility regulator · Sept. 2026
Timeline

What happened, and what is due

SitePaper trailConstructionPowerPermitsMoneyLegalUpcoming
  1. 2022
    Site Century Aluminum's Hawesville smelter, running since 1969, stops operating and 600+ jobs are lost Utility regulator · Sept. 2026
  2. Oct. 24, 2025
    Paper trail Justified Datapower LLC registered in Delaware
  3. Jan. 12, 2026
    Paper trail Raylan Data LLC registered in Delaware
  4. Feb. 2, 2026
    Site TeraWulf closes the site purchase and announces the Justified Data Campus Utility regulator · Sept. 2026
  5. March 10, 2026
    Construction Formal construction kickoff with general contractor Fluor Utility regulator · Sept. 2026
  6. March 20, 2026
    Power Power contract signed with Big Rivers and Kenergy Utility regulator · Sept. 2026
  7. May 12, 2026
    Permits State suspends the power contract for a five-month review Utility regulator · Aug. 2026
  8. July 6, 2026
    Money Anthropic signs a 20-year lease for about 401 MW of critical IT SEC filing · July 2026
  9. July 27, 2026
    Permits State holds a public comment meeting in Hancock County; no organized opposition is found Utility regulator · Aug. 2026
  10. Aug. 21, 2026
    Permits State approves the power contract, ahead of its Oct. 13 suspension deadline Utility regulator · Aug. 2026
  11. Sept. 9, 2026
    Permits TeraWulf files a Supplemental Energy Plan listing its permits and tax commitments Utility regulator · Sept. 2026
  12. Sept. 28, 2026
    Construction Demolition air monitoring plan (dated Sept. 23) filed for the old smelter site Utility regulator · Sept. 2026
  13. Sept. 2027
    Power Company target for the first power ramp, with phased delivery from late 2027 News report · Aug. 2026
  14. March 2028
    Construction Company says delivery of leased capacity ends in early 2028 SEC filing · July 2026
Construction activity

Satellite captures by quarter

Since March 2025: 2 satellite captures.

Satellite
’25
’26
Dot size: records in the quarter, largest = 1. Two-digit years mark each first quarter.
The buildings

Specs

~750 acres bought, 790 acres cited
purchase closed for about 750 acres (more than 250 buildable); the company cites 790 for the full redevelopment
News report · Feb. 2026
Two 185 MW halls (370 MW)
as shown to the state in June 2026; the lease covers about 401 MW
News report · Aug. 2026
800 to 1,000 construction jobs, ~95 permanent
company, filed with the state
Utility regulator · Sept. 2026
Who is involved

Owners, partners and builders

Owners
  • TeraWulf: developer and parent
  • Justified DataPower LLC: site owner and power customer
  • Raylan Data LLC: landlord to the tenant
  • Century Aluminum: seller, keeps a 6.8% stake in the development entity
Tenant
  • Anthropic: 20-year lease, about 401 MW critical IT
Power
  • Big Rivers Electric Corporation: wholesale utility
  • Kenergy Corp.: retail utility
  • MISO: market operator
Decision-makers
  • Kentucky Public Service Commission: approved the contract
  • Kentucky Department for Environmental Protection and Division of Water: permits
  • Hancock County Judge Executive: wrote in support
Builders
  • Fluor: general contractor
  • ERM: demolition air monitoring
Still unknown

Open questions

Where this comes from

232 records from 33 documents

Drawn from news reports, securities filings, utility regulator dockets, business registries, company statements, public and commercial datasets, satellite captures, our own analysis and state agency records, each kept with its date and source. The bar shows documents by type.

News report 11SEC filing 8Utility regulator 6Company 6Dataset 3Satellite 1Analysis 1State agency 1
Evidence

Every quote behind this page

Grade key: A = the primary record itself (permit, filing, exhibit) · B = a dated official statement · C = news reporting. Map distances are our own measurements on OpenStreetMap and carry no grade. Allegations in lawsuits are marked as such in the quotes.

Power (40)
  • On-site generation: not stated
    “it does not use 1:1 backup generation (instead focusing on transmission redundancy rather than installing 480 MW of diesel or natural gas backup generators”
    Utility regulator · Sept. 2026 · grade A
  • Construction stage: building
    “a 482 MW data center currently being constructed in Hawesville, Kentucky”
    Utility regulator · Sept. 2026 · grade A
  • Electric service agreement signed: RESA executed March 20, 2026; approved by KY PSC Final Order Aug. 21, 2026 (Case No. 2026-00115)
    “On March 20, 2026, Big Rivers Electric Corporation (Big Rivers), Kenergy Corp. (Kenergy), and TeraWulf entered into an Agreement for Electric Service”
    Utility regulator · Sept. 2026 · grade A
  • Opposition: no organized opposition located; KY PSC held a local public comment meeting Jul 27, 2026; Hancock County Judge Executive wrote in support Aug 13, 2026; open public issues are the pending noise and air studies
    “On July 27, 2026 the Commission held a local public meeting at the Hancock County High School to discuss the project”
    Utility regulator · Sept. 2026 · grade A
  • Grid operator: MISO (Midcontinent Independent System Operator)
    “Big Rivers will procure wholesale energy and capacity to serve the data center from the Midcontinent Independent System Operator (MISO)”
    Utility regulator · Sept. 2026 · grade A
  • Century Aluminum's Hawesville smelter (operated 1969-2022) ceased operations; more than 600 local jobs lost; the site's ~482 MW transmission sat idle and Big Rivers lost approximately $40 million of transmission revenue
    “The smelter ceased operations in 2022 resulting in the loss of over 600 local jobs, as well as the loss of significant transmission revenue to Big Rivers”
    Utility regulator · Sept. 2026 · grade A
  • Design targets (company, PSC-filed): PUE target 1.25 (expected range 1.10-1.40); predominantly liquid-cooled, closed-loop cooling; no Ohio River withdrawal and no municipal drinking water for operations; Uptime Institute
    “The Justified DataPower Campus is designed and engineered to a target PUE of 1.25”
    Utility regulator · Sept. 2026 · grade A
  • Utility revenue at 482 MW (PSC-filed Energy Plan): Big Rivers wholesale adder >$15 million/yr and transmission >$10 million/yr; Kenergy distribution adder >$1 million/yr; adders escalate after three years; TeraWulf also
    “At a load of 482 MW, the Big Rivers adder will start at more than $15 million annually. The Kenergy adder will start at more than $1 million annually”
    Utility regulator · Sept. 2026 · grade A
  • Utility service: 482 MW
    “The planned facility has a Maximum Contract Demand of 482 megawatts (MW).”
    Utility regulator · Aug. 2026 · grade A
  • Interconnection status: Contracted and approved - KY PSC approved the Big Rivers / Kenergy / Justified DataPower Retail Electric Service Agreement on Aug 21, 2026 (Case No. 2026-00115); 482 MW Maximum Contract Demand; ca
    “The planned facility has a Maximum Contract Demand of 482 megawatts (MW).”
    Utility regulator · Aug. 2026 · grade A
  • Owner companies: Justified DataPower LLC (site owner / RESA customer); Raylan Data LLC (landlord under Anthropic lease); Raylan Data Holdings LLC (holding entity)
    “Electronic Tariff Filing of Big Rivers Electric Corporation of a Retail Electric Service Agreement with Justified DataPower LLC”
    Utility regulator · Aug. 2026 · grade A
  • large load interconnection request: Retail Electric Service Agreement approved
    “The Retail Electric Service Agreement (RESA) among BREC, Kenergy, and TeraWulf, filed on April 14, 2026, is approved for service rendered on and after the date of service of this Order.”
    Utility regulator · Aug. 2026 · grade A
  • electric service agreement (RESA) approval: RESA tariff filing filed (TFS 2026-00038 and TFS 2026-00037)
    “Electronic Tariff Filing of Big Rivers Electric Corporation of a Retail Electric Service Agreement with Justified DataPower LLC”
    Utility regulator · Aug. 2026 · grade A
  • electric service agreement (RESA) approval: RESA suspended for investigation
    “the Commission established this proceeding to investigate the reasonableness of the proposed RESA, suspended the proposed RESA for five months, through October 13, 2026”
    Utility regulator · Aug. 2026 · grade A
  • electric service agreement (RESA) approval: Final Order approving RESA
    “The Retail Electric Service Agreement (RESA) among BREC, Kenergy, and TeraWulf, filed on April 14, 2026, is approved for service rendered on and after the date of service of this Order”
    Utility regulator · Aug. 2026 · grade A
  • electric service agreement (RESA) approval: post-case compliance obligation
    “Within 30 days after their completion, TeraWulf shall file in the post-case correspondence file the noise assessment and air-modeling analysis referenced in its responses to Staff's Second Request for Information, Item 6”
    Utility regulator · Aug. 2026 · grade A
  • grid interconnection / transmission service: approvals outstanding (condition precedent)
    “all necessary approvals, including approvals of this Agreement, are received from (i) the boards of directors or equivalent of Seller, Big Rivers and Customer; (ii) the Commission; (iii) MISO; and (iv) the RUS”
    Utility regulator · Aug. 2026 · grade A
  • IT capacity: 401 MW
    “The campus will accommodate approximately 401 MW of critical IT load and will be developed in multiple phases.”
    SEC filing · July 2026 · grade A
  • Original target date: fall 2027 (operations to begin fall 2027)
    “begin operations of a new 482 MW data center by the fall of 2027”
    Utility regulator · April 2026 · grade A
  • Address: 1627 State Route 3543, Hawesville, KY 42348
    “To Justified Data Power LLC 1627 State Route 3543 Hawesville, KY 42348”
    Utility regulator · March 2026 · grade A
  • Utility service: 482 MW
    “In no event shall Customer (i) increase its Maximum Contract Demand above 482 MW without Big Rivers' consent”
    Utility regulator · March 2026 · grade A
  • Power plan: grid
    “Customer will be responsible for the MISO DA energy cost for all energy provided under this Agreement”
    Utility regulator · March 2026 · grade A
  • Minimum bill terms: Billing Demand = greater of Maximum Contract Demand (482 MW) or actual monthly peak, full 482 MW take-or-pay during the first six years
    “The Billing Demand for a month will be the greater of (i) the Maximum Contract Demand, or (ii) highest integrated 30-minute clock-hour non-coincident peak demand during the month”
    Utility regulator · March 2026 · grade A
  • Interconnection status: existing transmission in place (five 161-kV Big Rivers circuits; energized on-site substation); RESA approved, but operation at full 482 MW still requires MISO approvals and Century transmission-r
    “The Parties have entered into all arrangements and have received all approvals that are required by MISO for Customer to operate the Facility at the Maximum Contract Demand”
    Utility regulator · March 2026 · grade A
  • Site acquisition: Former Century Aluminum Hawesville smelter site; purchase agreement Feb 2026; more than 250 buildable acres; seller retained a 6.8% minority equity interest in the Hawesville development entity
    “The Company exercised an exclusivity option to purchase Hawesville, which includes more than 250 buildable acres with immediate access to power infrastructure”
    SEC filing · Feb. 2026 · grade A
  • Nearest power line of 345 kV or more: 2.95 km
    Measured on OpenStreetMap map data.
    OpenStreetMap · Oct. 2026
  • Nearest substation of 345 kV or more: 2.94 km
    Measured on OpenStreetMap map data.
    OpenStreetMap · Oct. 2026
  • Nearest gas pipeline: 0.36 km
    Measured on OpenStreetMap map data.
    OpenStreetMap · Oct. 2026
  • Registry status: ECHO air at the Justified site point shows the legacy Century Aluminum of KY LLC facility (Operating) and Big Rivers Coleman Station (Permanently Closed); no Justified DataPower / TeraWulf facility recor
    “ECHO air pull at site point 37.941198,-86.788058 returned 18 facilities incl; CENTURY ALUMINUM OF KY LLC (Operating) and BIG RIVERS ELECTRIC CORP - COLEMAN STATION (Permanently Closed)”
    State agency · Oct. 2026 · grade B
  • Stated campus size: 480 MW
    “Justified is a large-scale HPC campus with access to up to approximately 480 MW of gross power capacity”
    Company · Aug. 2026 · grade B
  • the only shared facts are the parent company and the state
    “Acquired in May 2026, Muskie comprises approximately 308 acres in Eastern Kentucky. Electric service and related infrastructure agreements with Kentucky Power Company provide for up to 1 GW of contracted electric service”
    Company · Aug. 2026 · grade B
  • IT capacity: 401 MW
    “The campus will accommodate approximately 401 MW of critical IT load and will be developed in multiple phases”
    SEC filing · July 2026 · grade B
  • Developer: TeraWulf Inc. (Nasdaq: WULF), via subsidiaries Justified DataPower LLC and Raylan Data LLC
    “its subsidiary Raylan Data LLC (the Landlord) entered into a 20-year lease agreement with Anthropic PBC (Anthropic), as tenant”
    SEC filing · July 2026 · grade B
  • IT capacity: 401 MW
    “the Landlord will provide Anthropic with approximately 401 MW of critical IT load for high-performance computing (HPC) operations at the Company's data center campus located in Hawesville, Kentucky”
    SEC filing · July 2026 · grade B
  • Utility service: 480 MW
    “The Hawesville site has approximately 480 MW of existing power availability, with the potential to further expand over time”
    SEC filing · Feb. 2026 · grade B
  • Substation kV: delivery point: five 161-kV Big Rivers circuits at the Hawesville Commercial Pricing Node (BREC.Century); energized on-site substation
    “The commission found that about 482 MW of transmission capability remains available at the site, with the delivery point connected to five 161-kV Big Rivers circuits”
    News report · Aug. 2026 · grade C
  • Phases: two 185-MW data halls (370 MW) as presented to the PSC in June 2026; executed lease covers ~401 MW delivered in phases
    “plans called for two 185-MW data halls and $3.5 billion to $4 billion of capital investment”
    News report · Aug. 2026 · grade C
  • First power: planned September 2027 power ramp (company statements in PSC proceeding, via ENR)
    “financing was required to support a planned September 2027 power ramp and delayed regulatory approval could postpone financial close”
    News report · Aug. 2026 · grade C
  • Company states the Anthropic lease creates a framework for future expansion; the February acquisition release said the site's power availability has the potential to further expand over time (portfolio/expansion language
    “The lease provides approximately $19 billion of contracted lease revenue over its initial term, creates a framework for future expansion”
    News report · July 2026 · grade C
  • Announced: Feb. 2, 2026
    “today announced the expansion of its digital and power infrastructure portfolio through the acquisition of two strategically located brownfield infrastructure sites in Hawesville, Kentucky”
    News report · Feb. 2026 · grade C
Money and contracts (71)
  • Stated capital cost: $3.5-4.0 billion (site development and initial data halls, excl. tenant compute equipment) USD
    “TeraWulf's estimated cost to construct the data center buildings and permanent site infrastructure is $3.5-$4.0 billion”
    Utility regulator · Sept. 2026 · grade A
  • Incentives: none located, no PILOT, IRB or KEDFA award found; company committed under Ky. Executive Order 2026-494 to pay full state, local and school taxes (local property taxes estimated >$15 million in the first full
    “it commits to paying its full and fair share of state and local taxes, especially those for local communities and schools”
    Utility regulator · Sept. 2026 · grade A
  • General contractor: Fluor Corporation (limited notice to proceed Mar 2026; formal construction kickoff Mar 10, 2026; now general contractor)
    “Mar 10, 2026: Formal kickoff meeting with General Contractor (Fluor)”
    Utility regulator · Sept. 2026 · grade A
  • electric service: credit support, capacity prepayment/collateral (Section 3.04(a))
    “TeraWulf must either prepay or provide and maintain credit support for Big Rivers' capacity payment obligation to MISO”
    Utility regulator · Sept. 2026 · grade A
  • electric service: credit support, 2x highest monthly bill (Section 3.04(b))
    “TeraWulf must provide credit support equal to two times the estimated highest monthly bill”
    Utility regulator · Sept. 2026 · grade A
  • electric service: emergency billing (Section 3.03(b))
    “allows Big Rivers to invoice daily if outstanding bills exceed the credit support, which must be paid by the data center the following business day”
    Utility regulator · Sept. 2026 · grade A
  • electric service: curtailment (Section 2.12)
    “If MISO directs Big Rivers to curtail load due to an EEA Level 3 event, then TeraWulf will be curtailed before any Rural Load”
    Utility regulator · Sept. 2026 · grade A
  • electric service: scope, customer-funded facilities, no utility investment unreimbursed (Section 2.08)
    “Neither Big Rivers nor Kenergy will make any new investment to supply the project that is not directly reimbursed by TeraWulf”
    Utility regulator · Sept. 2026 · grade A
  • land purchase: closing, purchase of the ~750-acre Hawesville property closed
    “TeraWulf announced the acquisition of the Hawesville site on February 2, 2026”
    Utility regulator · Sept. 2026 · grade A
  • TeraWulf (via Justified DataPower LLC) closed the purchase of the ~750-acre Hawesville property from Century Aluminum of Kentucky GP and announced the Justified Data Campus the same day
    “TeraWulf announced the acquisition of the Hawesville site on February 2, 2026”
    Utility regulator · Sept. 2026 · grade A
  • Formal construction kickoff with general contractor Fluor; local contractor outreach event followed Mar 12, 2026 (more than 20 local firms)
    “Mar 10, 2026: Formal kickoff meeting with General Contractor (Fluor)”
    Utility regulator · Sept. 2026 · grade A
  • Projected taxes at full operations (company estimates in the Supplemental Energy Plan): local property taxes >$15 million in the first full year; school utility gross receipts tax ~$7 million/yr; state sales tax on elect
    “the project is therefore expected to generate more than $22 million in local tax revenue during that year”
    Utility regulator · Sept. 2026 · grade A
  • Jobs (company, PSC-filed): 800-1,000 full-time construction jobs; ~95 TeraWulf full-time operating jobs (40 operators, 16 relief operators, 15 O&M technicians, 7 IT technicians, security, facilities and others per the St
    “An estimated 800-1,000 full-time construction jobs are expected to build out the data center. Once complete, TeraWulf will have approximately 95 full-time employees”
    Utility regulator · Sept. 2026 · grade A
  • tenant lease: contract value 33000000000 USD contracted revenue, approx., if both extension options exercised
    “The lease represents approximately $19 billion of contracted revenue over the initial term and up to approximately $33 billion if Anthropic exercises both five-year extension options”
    Company · Aug. 2026 · grade A
  • tenant lease: term 20 years from delivery of each premises; two 5-year extension options at Anthropic's election term
    “The Anthropic HPC Lease has an initial term of 20 years commencing upon delivery of the applicable leased premises and includes two five-year extension options exercisable by Anthropic”
    SEC filing · Aug. 2026 · grade A
  • Tenant status: signed
    “The Company has executed a 20-year lease agreement with Anthropic at its Justified Data campus in Hawesville, Kentucky.”
    SEC filing · July 2026 · grade A
  • Tenants: Anthropic PBC
    “TeraWulf has entered into a 20-year lease agreement with Anthropic for a purpose-built AI infrastructure campus at the Justified Data site in Hawesville, Kentucky.”
    SEC filing · July 2026 · grade A
  • Tenant lease: execution
    “The Company has executed a 20-year lease agreement with Anthropic at its Justified Data campus in Hawesville, Kentucky.”
    SEC filing · July 2026 · grade A
  • Tenant lease: capacity 401 MW critical IT
    “The campus will accommodate approximately 401 MW of critical IT load and will be developed in multiple phases.”
    SEC filing · July 2026 · grade A
  • Tenant lease: term 20 (initial term) years
    “TeraWulf has entered into a 20-year lease agreement with Anthropic for a purpose-built AI infrastructure campus at the Justified Data site in Hawesville, Kentucky.”
    SEC filing · July 2026 · grade A
  • Tenant lease: contract value 19,000,000,000 USD
    “The lease is expected to generate approximately $19 billion of contracted lease revenue over the initial term”
    SEC filing · July 2026 · grade A
  • Tenant lease: delivery (phase 1 - phase MW not split in the filing)
    “Initial capacity is expected to be placed into service during the second half of 2027, with the campus ramping to the full 401 MW by early 2028.”
    SEC filing · July 2026 · grade A
  • Tenant lease: delivery 401 MW critical IT
    “with the campus ramping to the full 401 MW by early 2028”
    SEC filing · July 2026 · grade A
  • Source record
    “The lease is expected to generate approximately $19 billion of contracted lease revenue over the initial term and is expected to be supported by an investment-grade credit.”
    SEC filing · July 2026 · grade A
  • tenant lease: capacity 401 MW critical IT
    “the Landlord will provide Anthropic with approximately 401 MW of critical IT load for high-performance computing ("HPC") operations at the Company's data center campus located in Hawesville, Kentucky”
    SEC filing · July 2026 · grade A
  • phase delivery: delivery initial phase, MW not stated in any public filing MW critical IT
    “Initial capacity is expected to be placed into service during the second half of 2027, with the campus ramping to the full 401 MW by early 2028”
    Company · July 2026 · grade A
  • tenant lease: scope credit support expected, supporter not named credit support
    “Anthropic's payment obligations under the Justified Data Campus Lease are expected to be supported by an investment-grade credit”
    SEC filing · July 2026 · grade A
  • electric service: scope, Maximum Contract Demand (Section 2.03(b)) 482 MW
    “In no event shall Customer (i) increase its Maximum Contract Demand above 482 MW without Big Rivers' consent”
    Utility regulator · March 2026 · grade A
  • electric service: term (Section 12.01)
    “remain in effect for an initial term of fifteen (15) years after the Construction Completion Date (the Initial Term)”
    Utility regulator · March 2026 · grade A
  • electric service: term, Construction Completion Date trigger (Section 12.01)
    “the date that Customer's highest integrated 30-minute clock-hour non-coincident peak demand exceeds 50 MW”
    Utility regulator · March 2026 · grade A
  • electric service: minimum bill / take-or-pay (Exhibit A para. 4)
    “The Billing Demand for a month will be the greater of (i) the Maximum Contract Demand, or (ii) highest integrated 30-minute clock-hour non-coincident peak demand during the month”
    Utility regulator · March 2026 · grade A
  • electric service: rate structure, MISO market pass-through, no subsidy (Exhibit A para. 10)
    “Customer shall not be subsidized directly or indirectly by Seller or Big Rivers”
    Utility regulator · March 2026 · grade A
  • electric service: termination, event of default (Sections 6.01-6.02)
    “a non-defaulting Party may, in its sole discretion, elect to terminate this Agreement upon ten (10) days written notice to the other Parties”
    Utility regulator · March 2026 · grade A
  • electric service: termination, conditions precedent unfulfilled (Section 12.02(a))
    “if the conditions precedent set forth in Section 13.01 have not been fulfilled or waived by all Parties within eighteen (18) months of the date of this Agreement”
    Utility regulator · March 2026 · grade A
  • electric service: termination, at expiry of Initial Term or renewal (Section 12.02(b))
    “Any Party may terminate this Agreement at the expiration of the Initial Term or any subsequent five-year renewal by giving the other Parties at least two year's written notice”
    Utility regulator · March 2026 · grade A
  • electric service: termination, no Construction Completion Date (Section 12.02(c))
    “Any Party may terminate this Agreement by providing written notice to the other Parties if the Construction Completion Date has not occurred within three (3) years after the Effective Date”
    Utility regulator · March 2026 · grade A
  • electric service: condition precedent, MISO approvals (Section 13.01(b))
    “The Parties have entered into all arrangements and have received all approvals that are required by MISO for Customer to operate the Facility at the Maximum Contract Demand”
    Utility regulator · March 2026 · grade A
  • electric service: condition precedent, Century transmission rights transfer (Section 13.01(c))
    “Century has transferred, or Big Rivers has otherwise obtained, transmission rights or transmission service sufficient for Big Rivers and Seller to serve Customer up to the Maximum Contract Demand”
    Utility regulator · March 2026 · grade A
  • electric service: scope, behind-the-meter generation only with Big Rivers consent and a negotiated amendment (Section 2.14)
    “With the consent of Big Rivers, Customer may install behind the meter generation (BTMG) to serve all or part of the energy or capacity needs of the Facility”
    Utility regulator · March 2026 · grade A
  • electric service: demand response, Big Rivers right of first refusal to administer Customer's MISO demand-response participation (Section 2.13)
    “Big Rivers shall have the right of first refusal to administer on behalf of Customer the Facility's participation in any demand response programs and/or wholesale markets operated by MISO”
    Utility regulator · March 2026 · grade A
  • electric service: amendment, PSC approval required (Section 14.04; Final Order directive)
    “This Agreement may be amended, revised, or modified by, and only by, a written instrument duly executed by all Parties and approved by the Commission”
    Utility regulator · March 2026 · grade A
  • electric service: damages limitation (Section 6.03)
    “EACH PARTY'S LIABILITY HEREUNDER SHALL BE LIMITED TO DIRECT, ACTUAL DAMAGES”
    Utility regulator · March 2026 · grade A
  • electric service: assignment, facility financing pledge permitted without utility consent (Article XI)
    “Customer may, without the written consent of Seller or Big Rivers and without relieving itself from liability hereunder, assign, transfer, mortgage or pledge this Agreement to aid in providing financing for the Facility”
    Utility regulator · March 2026 · grade A
  • electric service: demand reduction, MCD change after year 6 on 18 months notice; Wholesale Demand Adder rises as MCD falls (Exhibit A para. 5)
    “After the sixth (6) year of the Initial Term, Customer may provide notice to the other Parties of its desire to change its Maximum Contract Demand”
    Utility regulator · March 2026 · grade A
  • electric service: demand reduction, freed transmission capacity (Exhibit A para. 5)
    “Any time Customer reduces its Maximum Contract Demand, Big Rivers may resell, reuse or redirect the unused transmission capacity”
    Utility regulator · March 2026 · grade A
  • tenant lease: value, with both extension options exercised 33 USD billion
    “approximately $19 billion of contracted revenue over the initial term and up to approximately $33 billion if Anthropic exercises both five-year extension options”
    Company · Aug. 2026 · grade B
  • Tenant: Anthropic PBC - 20-year lease executed Jul 6, 2026
    “TeraWulf has entered into a 20-year lease agreement with Anthropic for a purpose-built AI infrastructure campus at the Justified Data site in Hawesville, Kentucky”
    SEC filing · July 2026 · grade B
  • Tenants: Anthropic PBC
    “entered into a 20-year lease agreement (the Justified Data Campus Lease) with Anthropic PBC (Anthropic), as tenant”
    SEC filing · July 2026 · grade B
  • Tenant status: executed, 20-year lease signed July 6, 2026; rent commences on delivery of each phase
    “Anthropic's obligation to pay rent under the Justified Data Campus Lease will commence upon the delivery of the applicable leased premises”
    SEC filing · July 2026 · grade B
  • Current target date: phased delivery beginning late 2027 (H2 2027); full contracted capacity early 2028
    “Delivery of the leased capacity is expected to occur in phases beginning in late 2027 and concluding in early 2028”
    SEC filing · July 2026 · grade B
  • tenant lease: scope, critical IT capacity 401 MW
    “the Landlord will provide Anthropic with approximately 401 MW of critical IT load for high-performance computing (HPC) operations”
    SEC filing · July 2026 · grade B
  • tenant lease: term, 20 years from delivery of each phase
    “Anthropic's obligation to pay rent under the Justified Data Campus Lease will commence upon the delivery of the applicable leased premises and continue for a term of 20 years thereafter”
    SEC filing · July 2026 · grade B
  • tenant lease: renewal, two successive 5-year options (up to +10 years)
    “subject to Anthropic's option to extend the term for up to an additional ten years through two successive five-year renewal options”
    SEC filing · July 2026 · grade B
  • tenant lease: value, contracted revenue, initial term 19 USD billion
    “The lease is expected to generate approximately $19 billion of contracted revenue over the initial term”
    Company · July 2026 · grade B
  • tenant lease: credit support, payment obligations expected to be supported by an investment-grade credit; supporter NOT named (finding)
    “Anthropic's payment obligations under the Justified Data Campus Lease are expected to be supported by an investment-grade credit”
    SEC filing · July 2026 · grade B
  • tenant lease: termination / cancellation, NOT DISCLOSED in the Form 8-K or the press release (finding; full Item 8.01 and Exhibit 99.1 text reviewed)
    “A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference”
    SEC filing · July 2026 · grade B
  • Anthropic 20-year lease executed at the Justified Data Campus: ~401 MW critical IT, ~$19B contracted revenue, first capacity 2H 2027
    “The campus will accommodate approximately 401 MW of critical IT load and will be developed in multiple phases”
    SEC filing · July 2026 · grade B
  • Capital recycling: TeraWulf agreed to sell its 50.1% Abernathy Joint Venture interest to a Fluidstack-led group for ~$530 million (installments through Apr 30, 2027), redeploying capital into wholly owned campuses includ
    “the Purchasers agreed to purchase from the TeraWulf Member, all of the TeraWulf Member's equity interests in FS CS I LLC (the Transaction)”
    SEC filing · July 2026 · grade B
  • Stage: building on track, land owned, construction under way, RESA approved, Anthropic lease executed; capacity delivery phased late 2027 to early 2028
    “Assessment from the rows in this folder: site closed Feb 2, 2026; construction kicked off Mar 10, 2026; RESA approved Aug 21, 2026; 20-year Anthropic lease executed Jul 6, 2026; financing close not yet confirmed.”
    Analysis · Oct. 2026 · grade C
  • Financial close had NOT been confirmed as of Aug 25, 2026; TeraWulf had told regulators financing was required to support a planned September 2027 power ramp and that delayed approval could postpone financial close (ENR,
    “The company previously told regulators that financing was required to support a planned September 2027 power ramp and delayed regulatory approval could postpone financial close”
    News report · Aug. 2026 · grade C
  • Asset-retirement obligations at Hawesville, asbestos remediation and spent pot liner removal, totaled about $16.5 million as of Jun 30, 2026 (ENR, citing TeraWulf's Q2 2026 SEC filing)
    “TeraWulf's filings identify asbestos remediation and spent pot liner removal as its primary asset-retirement obligations at Hawesville, totaling about $16.5 million as of June 30”
    News report · Aug. 2026 · grade C
  • land purchase: retained stake, Century put right, exercisable from 1 year after the data center goes live
    “our right to put our share in the data center back to TeraWulf becomes exercisable 1 year after that”
    News report · Aug. 2026 · grade C
  • land purchase: retained stake, no Century funding obligation for development
    “Century has no obligation to fund any part of the development cost”
    News report · Aug. 2026 · grade C
  • Tenant status: Anthropic PBC - 20-year lease for up to 401 MW of critical IT capacity, executed Jul 6, 2026; no other tenant named
    “TeraWulf has secured AI lab Anthropic as a long-term tenant at its Justified Data campus in Hawesville, Kentucky”
    News report · July 2026 · grade C
  • Financing: ~$3.5 billion project debt raise planned (Morgan Stanley expected to lead; not launched as of Jul 2026 reporting); financial close not confirmed as of Aug 25, 2026 USD
    “TeraWulf is planning to raise around $3.5 billion in debt financing for its data center campus in Kentucky”
    News report · July 2026 · grade C
  • TeraWulf had told investors in February it expected a major customer commitment by around the end of Q2 2026
    “When we announced the Justified Data campus acquisition in February, we told investors that we expected to secure a major customer commitment by around the end of the second quarter of 2026”
    News report · July 2026 · grade C
  • Planned ~$3.5 billion debt financing for Justified construction; Morgan Stanley expected to lead; likely to include high-yield bonds (Bloomberg reporting via Data Center Dynamics); lenders from TeraWulf's $250 million re
    “As reported by Bloomberg, the funding will support the build-out of a data center that will be leased by Anthropic”
    News report · July 2026 · grade C
  • construction services: limited notice to proceed, master planning and preconstruction services
    “The agreement covers master planning and preconstruction services for the large-scale brownfield data center campus, according to a company news release”
    News report · March 2026 · grade C
  • Acres: 750 acres
    “the company's local unit sold about 750 acres in Hawesville for $200 million in cash, plus a 6.8% non-dilutive minority equity stake in Raylan Data Holdings”
    News report · Feb. 2026 · grade C
  • Land price: $200 million cash plus a 6.8% non-dilutive minority equity interest in Raylan Data Holdings LLC USD
    “sold about 750 acres in Hawesville for $200 million in cash, plus a 6.8% non-dilutive minority equity stake in Raylan Data Holdings”
    News report · Feb. 2026 · grade C
  • land purchase: consideration, cash plus retained equity 200 USD million
    “sold about 750 acres in Hawesville for $200 million in cash, plus a 6.8% non-dilutive minority equity stake in Raylan Data Holdings”
    News report · Feb. 2026 · grade C
Permits and government (24)
  • air monitoring (demolition phase): Air Monitoring Plan filed
    “CLIENT: Justified DataPower LLC PROJECT NO: 0811260 DATE: 23 September 2026”
    Utility regulator · Sept. 2026 · grade A
  • construction stormwater: coverage obtained
    “Justified DataPower has obtained coverage under the Kentucky KYR10 General Construction Stormwater Permit and has implemented associated Best Management Practices (BMPs)”
    Utility regulator · Sept. 2026 · grade A
  • water withdrawal: authorization approved
    “The Kentucky Department for Environmental Protection has approved the project's water withdrawal/transfer authorization”
    Utility regulator · Sept. 2026 · grade A
  • stream construction (floodplain): permit issued
    “The Kentucky Division of Water has issued Stream Construction Permit No. 37387 for the Justified DataPower project authorizing construction activities within the Ohio River floodplain”
    Utility regulator · Sept. 2026 · grade A
  • air quality operating permit: not yet filed, application intended
    “Justified DataPower intends to apply for a Clean Air Act Federally Enforceable State Operating Permit (FESOP) covering emergency equipment such as backup generators and fire pumps”
    Utility regulator · Sept. 2026 · grade A
  • brownfield program: program participation
    “completed environmental site assessments, threatened and endangered species review, cultural resources evaluation, wetland delineation work, Brownfield Program participation, Property Management Plan”
    Utility regulator · Sept. 2026 · grade A
  • energy plan: Energy Plan filed
    “Pursuant to Governor Beshear's August 6, 2026 Executive Order 2026-494, Justified DataPower LLC, a subsidiary of TeraWulf Inc., submits this Supplemental Energy Plan”
    Utility regulator · Sept. 2026 · grade A
  • energy plan: Supplemental Energy Plan filed
    “demonstrating that 1) its data center project being constructed in Hawesville, Kentucky will protect residential ratepayers”
    Utility regulator · Sept. 2026 · grade A
  • Gov. Beshear's Executive Order 2026-494 (data center energy plans) issued Aug 6, 2026; TeraWulf filed its Energy Plan Aug 14, 2026 and a Supplemental Energy Plan Sep 9, 2026
    “Pursuant to Governor Beshear's August 6, 2026 Executive Order 2026-494, Justified DataPower LLC, a subsidiary of TeraWulf Inc., submits this Supplemental Energy Plan”
    Utility regulator · Sept. 2026 · grade A
  • Hancock County Industrial Foundation Board: TeraWulf presentation to the Industrial Foundation Board
    “Feb 23, 2026: Presentation to the Hancock County Industrial Foundation Board”
    Utility regulator · Sept. 2026 · grade A
  • TeraWulf community informational event (Hancock County Elementary School): First Community Informational Event, project introduction
    “Feb 24, 2026: First Community Informational Event at Hancock County Elementary School”
    Utility regulator · Sept. 2026 · grade A
  • TeraWulf / Fluor local contractor event: Local Contractor Event and Introduction to Fluor
    “Mar 12, 2026: Host Local Contractor Event and Introduction to Fluor (>20 local firms represented)”
    Utility regulator · Sept. 2026 · grade A
  • environmental studies: studies filed in case
    “Energy Plan of Justified DataPower LLC (filed Aug. 14, 2026); Environmental Studies of Justified DataPower LLC (filed Aug. 18, 2026)”
    Utility regulator · Aug. 2026 · grade A
  • TeraWulf moved for expedited PSC review of the RESA (filed May 27, 2026); the Final Order denied the request as moot
    “TeraWulf's request for expedited review contained in its May 27, 2026 motion is denied as moot”
    Utility regulator · Aug. 2026 · grade A
  • TeraWulf announced the approval Aug 24, 2026
    “The Retail Electric Service Agreement (RESA) among BREC, Kenergy, and TeraWulf, filed on April 14, 2026, is approved for service rendered on and after the date of service of this Order”
    Utility regulator · Aug. 2026 · grade A
  • Kentucky Public Service Commission: Informal conference, Case No. 2026-00115 (RESA review)
    “An IC was held on June 2, 2026, during which the parties and Commission Staff (Staff) discussed the proposed RESA and issues relating to the proposed service arrangement”
    Utility regulator · Aug. 2026 · grade A
  • Kentucky Public Service Commission: Local public comment meeting, Case No. 2026-00115, Hancock County High School, Lewisport
    “On July 27, 2026 the Commission held a local public meeting at the Hancock County High School to discuss the project and its administrative approval process in Case No. 2026-00115”
    Utility regulator · Aug. 2026 · grade A
  • Kentucky Public Service Commission: Informal conference, Case No. 2026-00115 (RESA review)
    “On August 13, 2026, Commission Staff held a second IC to obtain limited updates concerning the allocation of the project's costs and risks”
    Utility regulator · Aug. 2026 · grade A
  • Air permit status: No air permit yet: Justified DataPower states it intends to apply for a Clean Air Act Federally Enforceable State Operating Permit (FESOP) covering operational emission sources such as backup generator
    “Justified DataPower intends to apply for a Clean Air Act Federally Enforceable State Operating Permit (FESOP) covering emergency equipment such as backup generators and fire pumps”
    Company · Oct. 2026 · grade B
  • Construction stormwater general permit coverage: Coverage obtained
    “Justified DataPower has obtained coverage under the Kentucky KYR10 General Construction Stormwater Permit and has implemented associated Best Management Practices (BMPs)”
    Company · Sept. 2026 · grade B
  • Stream Construction Permit (floodplain): Issued
    “The Kentucky Division of Water has issued Stream Construction Permit No. 37387 for the Justified DataPower project authorizing construction activities within the Ohio River floodplain”
    Company · Sept. 2026 · grade B
  • Water withdrawal / transfer authorization: Approved
    “The Kentucky Department for Environmental Protection has approved the project's water withdrawal/transfer authorization”
    Company · Sept. 2026 · grade B
  • Kentucky PSC approved the Justified electric service agreement in August 2026 (per TeraWulf’s Oct 5, 2026 release) - the campus’s own ESA, distinct from the Muskie Kentucky Power agreements
    “In August, the Kentucky Public Service Commission approved the separate electric service agreement for TeraWulf’s Justified Data Campus in Hawesville”
    SEC filing · Aug. 2026 · grade B
  • remediation (asset retirement obligation): remediation under way
    “TeraWulf's filings identify asbestos remediation and spent pot liner removal as its primary asset-retirement obligations at Hawesville, totaling about $16.5 million as of June 30”
    News report · Aug. 2026 · grade C
Site and other (6)
  • Land control date: Feb. 2, 2026 (purchase closed)
    “TeraWulf announced the acquisition of the Hawesville site on February 2, 2026”
    Utility regulator · Sept. 2026 · grade A
  • Collateral: capacity obligation prepaid in full or fully collateralized within 45 days, plus collateral equal to 2x the estimated highest monthly bill (RESA Section 3.04)
    “TeraWulf must provide credit support equal to two times the estimated highest monthly bill”
    Utility regulator · Sept. 2026 · grade A
  • County code: 21091
    “FCC census block find for latitude 37.941198 longitude -86.788058 returned County FIPS 21091, name Hancock County”
    Dataset · Oct. 2026 · grade B
  • Name: TeraWulf Justified Data Campus (Justified)
    “the Company's data center campus located in Hawesville, Kentucky (the Justified Data Campus)”
    SEC filing · July 2026 · grade B
  • Contamination context: decades of smelter waste disposal and PCB spills left soil and groundwater contaminated at the site (Hunterbrook investigation, Oct 2026); historically, Southwire retained ownership of the former p
    “Decades of smelter waste disposal and PCB spills left both soil and groundwater at this site contaminated”
    News report · Oct. 2026 · grade C
  • Aliases: Justified; Hawesville campus
    “the acquisition of two strategically located brownfield infrastructure sites in Hawesville, Kentucky and Charles County, Maryland”
    News report · Feb. 2026 · grade C

Imagery and records: Satellite imagery: Maxar via Esri World Imagery Wayback.