Key facts
- TeraWulf is reportedly seeking $3.5 billion in debt financing.
- The funds are for its Kentucky data center campus.
- AI company Anthropic has a long-term lease agreement for the facility.
- Morgan Stanley is leading the financing effort.
- The deal may include leveraged loans and high-yield bonds.
- Initial operations at the data center are expected in the second half of 2027.
Bitcoin miner TeraWulf is reportedly seeking to raise $3.5 billion in debt financing, with investment bank Morgan Stanley leading the effort, to expand its Justified Data campus in Hawesville, Kentucky. This facility is leased by artificial intelligence company Anthropic under a long-term agreement, with initial operations expected in the second half of 2027 and full buildout targeted for early 2028. The deal, anticipated to launch this year, could involve leveraged loans and high-yield bonds, marking TeraWulf's first foray into the leveraged loan market. The facility is projected to generate approximately $19 billion in contracted revenue over the initial lease term with Anthropic. This move follows TeraWulf's recent 20-year lease agreement with Anthropic, highlighting the growing demand for AI computing capacity and its impact on data center funding. The company has previously engaged in multibillion-dollar financing offerings, including $1.3 billion in December 2025 and $3.2 billion in October 2025. However, TeraWulf has also faced investor scrutiny regarding insider stock sales, shareholder alignment, and the economics of its AI data center growth model, with some advisory firms questioning the company's approach.