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TeraWulf seeks $3.5 billion debt financing for Anthropic-linked Kentucky data center

The reported financing would include leveraged loans and high-yield bonds as TeraWulf looks to expand its Justified Data campus, with initial operations targeted for the second half of 2027.

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Bitcoin miner TeraWulf is reportedly seeking $3.5 billion in debt financing to expand its Justified Data campus in Hawesville, Kentucky, a facility leased by artificial intelligence company Anthropic, according to Cointelegraph citing a Bloomberg report.

Cointelegraph reports that Morgan Stanley is expected to lead the financing effort, and that the package could include leveraged loans and high-yield bonds, which would mark TeraWulf’s first entry into the leveraged loan market.

The deal is expected to begin this year and follows a 20-year lease agreement TeraWulf signed with Anthropic for the Kentucky site, reflecting demand for AI computing capacity.

Cointelegraph also notes that TeraWulf expects the Anthropic lease to generate about $19 billion in contracted revenue over the initial lease term, with initial operations targeted for the second half of 2027 and full buildout aimed for early 2028.

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