Anthropic has locked in a 20-year lease at the Justified Data campus in Hawesville, Kentucky — a former cryptocurrency mining facility — securing 401 megawatts of IT load capacity to power its AI infrastructure. The deal is structured to generate approximately $19 billion in revenue for the data center operator over the life of the agreement, with capacity expected to come online in late 2027. Shares of the landlord surged on the announcement.
A $19 billion, 20-year contract is exceptionally long-dated revenue visibility — the kind of anchor tenant arrangement that transforms a speculative data center operator into a infrastructure utility. For investors, this confirms that AI labs are making decade-scale physical infrastructure commitments, which benefits data center REITs, power infrastructure plays, and the broader picks-and-shovels layer of the AI buildout. It also signals Anthropic is scaling aggressively, intensifying the compute arms race among frontier AI labs.
Late 2027: Justified Data campus comes online and Anthropic begins drawing capacity. Watch for Anthropic's next funding round announcement (no fixed date) as a signal of how aggressively they plan to scale beyond this facility. Monitor Q2/Q3 earnings calls for data center REITs (Equinix — Jul, Digital Realty — Jul) for commentary on AI lease demand and pricing power.
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