TeraWulf eyes $3.5B debt raise for Anthropic campus
TeraWulf is reportedly seeking $3.5 billion in debt financing led by Morgan Stanley to expand its Justified Data campus in Hawesville, Kentucky—a facility leased by AI company Anthropic under a 20-year agreement. As TeraWulf eyes a $3.5B debt package, the move highlights how Bitcoin miners are funding AI infrastructure.
The US-listed mining company could launch the deal this year, according to a Thursday Bloomberg report cited by CoinTelegraph. Chief financial officer Patrick Fleury said Morgan Stanley would lead the effort, which may combine leveraged loans and high-yield bonds.
Key Takeaways
- TeraWulf is reportedly targeting $3.5 billion in debt to build out its Anthropic-linked Kentucky campus.
- Morgan Stanley is expected to lead financing that could include leveraged loans and high-yield bonds.
- A 20-year Anthropic lease is projected to generate about $19 billion in contracted revenue for TeraWulf.
- Initial operations at the Justified Data site are slated for late 2027, with full buildout by early 2028.
- The news lands as Bitcoin trades near $64,300, testing resistance around $65,000.
Why is TeraWulf raising $3.5 billion now?
The reported debt raise follows a 20-year lease agreement TeraWulf signed with Anthropic for the Kentucky facility just days earlier. CoinTelegraph noted the timing shows how AI computing demand is opening new funding paths for data center operators.
Fleury told Bloomberg the financing would mark TeraWulf's first entry into the leveraged loan market. The package could blend leveraged loans with high-yield bonds, broadening the company's investor base beyond prior bond sales.
The $3.5 billion effort also comes after earlier raises of $1.3 billion in December 2025 and $3.2 billion in October 2025, underscoring the capital intensity of large-scale AI infrastructure.
What does the Anthropic deal mean for the campus?
TeraWulf is developing the Justified Data campus in Hawesville as a large-scale site for AI workloads. The company expects initial operations in the second half of 2027 and a full buildout by early 2028.
Under the long-term Anthropic lease, TeraWulf projects roughly $19 billion in contracted revenue over the initial term. That contracted cash flow could help underpin the new debt, though loan investors will still weigh construction timelines and tenant risk.
For Anthropic, the Kentucky campus adds dedicated capacity as AI firms compete for power and space. For TeraWulf, anchoring a marquee AI tenant shifts revenue toward predictable lease income rather than volatile mining margins.
How does this fit the miner-to-AI pivot?
TeraWulf built its profile as a Bitcoin miner, but the Kentucky project reflects a wider industry turn toward AI hosting. Miners already control power contracts and land, assets that data center developers prize.
The pivot arrives as crypto markets heat up. Bitcoin recently returned to about $64,300, with bulls eyeing fresh three-week highs and facing crucial resistance near $65,000, even as price action has diverged from oil and US dollar moves. For more on digital-asset financing trends, see our Fintech & Crypto Alerts coverage.
What happens next?
If launched as expected this year, the deal will test appetite for miner-led AI infrastructure in credit markets. CoinTelegraph reported it had not received comment from TeraWulf or Morgan Stanley by publication time.
Investors will watch whether TeraWulf hits its 2027–2028 construction targets and whether Anthropic's lease revenue supports the heavier debt load. The outcome could shape how other miners finance similar pivots. Read the full report at CoinTelegraph, which cites Bloomberg.