Long long line? I assume the line is too big to reasonably fit in memory, so you want some kind of buffering.
First of all, this is a bad format; if you have any kind of control over the file, make it one word per line.
If not, use something like:
line = ''
while True:
word, space, line = line.partition(' ')
if space:
# A word was found
yield word
else:
# A word was not found; read a chunk of data from file
next_chunk = input_file.read(1000)
if next_chunk:
# Add the chunk to our line
line = word + next_chunk
else:
# No more data; yield the last word and return
yield word.rstrip('\n')
return