TeraWulf Seeks $3.5 Billion in Debt for Anthropic-Linked Kentucky Data Center

Bitcoin mining company TeraWulf is reportedly seeking to raise $3.5 billion in debt financing to expand its Kentucky data center campus, which is leased to AI company Anthropic. According to a Bloomberg report, the deal is expected to launch later this year, with Morgan Stanley leading the effort. TeraWulf chief financial officer Patrick Fleury said the financing could include a mix of leveraged loans and high-yield bonds, marking the company’s first move into the leveraged loan market.

Kentucky Facility Tied to Long-Term Anthropic Lease

The funding push follows TeraWulf’s recent 20-year lease agreement with Anthropic for its Justified Data campus in Hawesville, Kentucky. The site is being built to support large-scale AI computing needs, with initial operations expected in the second half of 2027 and full completion targeted for early 2028. TeraWulf says the facility could generate around $19 billion in contracted revenue over the life of the Anthropic lease.

Continuing a Pattern of Large Fundraising

This latest raise builds on TeraWulf’s earlier financing activity, including a $1.3 billion offering in December 2025 and a $3.2 billion notes sale in October 2025. Neither TeraWulf nor Morgan Stanley had commented on the reported deal at the time of publication.

Investor Scrutiny Around Growth Strategy

TeraWulf Blocksbridge Consulting recently pointed to company as an example of the broader scrutiny facing Bitcoin miners benefiting from AI-driven momentum. Fleury has also pushed back on claims from short-sellers suggesting higher maintenance costs, arguing that TeraWulf’s role is limited to providing power and facility infrastructure, while clients handle their own computing equipment. He added that the company’s long-term lease structure helps limit recurring upgrade costs.