TeraWulf eyes $3.5B debt raise for Anthropic-linked data center: Report
TeraWulf is reportedly seeking $3.5 billion in debt financing to expand its Justified Data campus in Hawesville, Kentucky, with Morgan Stanley leading the raise. The package may include leveraged loans and high-yield bonds, which would be TeraWulf’s first entry into the leveraged loan market. The campus is under a 20-year lease with Anthropic, reflecting rising demand for AI computing infrastructure. Operations are expected to begin in the second half of 2027, with full buildout targeted for early 2028, and the lease is projected to generate about $19 billion in contracted revenue. The financing would add to TeraWulf’s recent multibillion-dollar capital raises, while the company continues to face investor scrutiny over insider sales and the economics of its AI data center strategy.
