Anthropic, which has never turned a profit, has signed a 20-year, $19 billion lease with datacenter operator TeraWulf for a 401-megawatt facility in Kentucky that isn't expected to be operational until 2027–2028. The AI startup's ability to meet its payment obligations depends on its continued success in raising capital, with an IPO expected later this year. The deal carries financial risk for both parties, as TeraWulf is restructuring its own assets to finance the project, leaving it exposed if Anthropic's fundraising falters.
