TeraWulf Eyes $3.5B Debt Raise for Anthropic AI Data Center Buildout

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TeraWulf Inc. (NASDAQ: $WULF) is reportedly preparing a $3.5 billion debt raise to fund construction at its Justified Data campus in Kentucky, where Anthropic has signed a long-term lease for large-scale AI infrastructure capacity.

Morgan Stanley (NYSE: $MS) is expected to lead the financing, which could include leveraged loans and high-yield bonds. Chief Financial Officer Patrick Fleury said the transaction is expected to launch this year and would mark TeraWulf's first entry into the leveraged loan market.

The planned raise comes as TeraWulf pushes ahead with a 20-year Anthropic lease covering roughly 401 megawatts of critical IT capacity at the Hawesville campus. The initial term is expected to generate about $19 billion in contracted lease revenue.

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Capacity is scheduled to begin coming online in the second half of 2027, with the site expected to reach its full 401 MW deployment by early 2028.

The Kentucky project has quickly become central to TeraWulf's shift beyond bitcoin (CRYPTO: $BTC) mining. The company is using the same power access and large-scale site development capabilities built around mining to secure long-duration AI infrastructure customers.

CEO Paul Prager said the Anthropic agreement "validates our strategy," adding that the lease provides a long-term revenue base while creating room for further expansion at the campus.

TeraWulf has already leaned heavily on debt markets to finance that transition. The company raised $3.2 billion in October 2025 and another $1.3 billion in December as its data center strategy expanded.

The latest financing plan puts another large capital commitment behind that shift. Bitcoin mining remains part of TeraWulf's business, but the Anthropic campus is increasingly shaping how investors value the company's power portfolio and development pipeline.

For TeraWulf, the next phase of growth is starting to look less like a mining expansion and more like a long-term AI infrastructure buildout.

TeraWulf Inc. (NASDAQ: WULF) is currently trading at $22.66 U.S. per share.

Sinergia Empresarial continuará el seguimiento de esta información sobre teraWulf Eyes $3.5B Debt Raise for Anthropic AI Data Center Buildout y ampliará la cobertura conforme se confirmen nuevos elementos relevantes para el ecosistema empresarial.