TERAWULF INC. 8-K

What Happened

• TeraWulf Inc. filed an 8‑K on July 6, 2026 announcing two material events: a long‑term lease with Anthropic and the sale of equity interests in FS CS I LLC.
• Its subsidiary Raylan Data LLC entered the "Justified Data Campus Lease" with Anthropic PBC for approximately 401 MW of critical IT load at the Justified Data Campus in Hawesville, Kentucky. Delivery of capacity is expected in phases beginning late 2027 and completing early 2028. Rent begins when each leased premises is delivered and the lease term is 20 years, with Anthropic having two successive five‑year renewal options (up to an additional 10 years). Anthropic’s payment obligations are expected to be supported by an investment‑grade credit.
• On the same date, Big Country Wulf LLC (a TeraWulf subsidiary) closed a transaction to sell all of its equity interests in FS CS I LLC to Fluidstack CS I Inc. and other purchasers for aggregate consideration of approximately $530 million, payable in three installments.

Key Details

• Lease: ~401 MW for HPC operations at Hawesville, KY; phased delivery late 2027–early 2028; 20‑year term plus up to 10‑year extension via two 5‑year options.
• Lease payments commence on delivery of each leased premises; Anthropic’s obligations expected to be backed by investment‑grade credit.
• Sale (Abernathy Transaction): ≈$530 million total consideration, paid as $250M within 14 days of the Purchase Agreement, $150M by Dec 31, 2026, and ~$130M (subject to adjustments) by Apr 30, 2027.
• Parties provided mutual releases; upon closing the TeraWulf subsidiary will cease to own equity in FS CS I LLC except for certain surviving rights/obligations set in the Purchase Agreement.

Why It Matters

• The Anthropic lease is a large, long‑dated commercial commitment (401 MW, 20 years) that ties up significant data center capacity and establishes a major HPC tenant for the Hawesville campus; rent starts when capacity is delivered (late 2027–early 2028).
• The sale of FS CS I LLC for roughly $530M provides a near‑term cash inflow in staged payments and transfers ownership of that business unit away from the TeraWulf subsidiary, which may affect the company’s future asset base and cash flow profile.
• Both items are material operational and financing events disclosed to investors; the filing also includes standard forward‑looking statement caution about risks and uncertainties.