TeraWulf eyes $3.5B debt to expand Anthropic data campus

TeraWulf is seeking $3.5 billion in debt to expand its Justified Data campus in Hawesville, Kentucky. The site is leased to AI firm Anthropic under a 20-year agreement. The financing, expected to launch later this year, would be led by Morgan Stanley and could combine leveraged loans and high-yield bonds.

The proposed raise would mark TeraWulf’s first entry into the leveraged loan market. The company previously raised $3.2 billion in October 2025 and $1.3 billion in December 2025 through other capital-market transactions.

TeraWulf plans initial operations at the Kentucky campus in the second half of 2027, with full buildout targeted for early 2028. The company projects about $19 billion in contracted revenue from the Anthropic lease over the initial term of the agreement.

Proceeds from the financing are intended to fund construction and related infrastructure at the Justified Data campus to meet Anthropic’s long-term computing needs. The financing package would be structured to attract institutional investors and debt funds.

Investors have questioned insider stock sales, shareholder alignment and the economics of operating large AI-focused data centers. Bitcoin mining advisory firm Blocksbridge Consulting cited TeraWulf as an example of mining companies facing investor scrutiny after moving into AI-related projects.

TeraWulf chief financial officer Patrick Fleury defended the company’s approach, saying the firm will supply power and facility infrastructure while customers provide computing equipment and manage technology upgrades. He added that long-term lease terms reduce recurring upgrade and reconfiguration costs that affect many data centers.

TeraWulf and Morgan Stanley did not immediately respond to requests for comment.