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