US-listed Bitcoin mining firm TeraWulf is reportedly searching for to boost $3.5 billion in debt to develop its Justified Information campus in Kentucky, a facility leased by synthetic intelligence firm Anthropic beneath a long-term settlement.
The deal is predicted to launch this 12 months, with funding financial institution Morgan Stanley main the financing effort, TeraWulf chief monetary officer Patrick Fleury mentioned, in keeping with a Thursday Bloomberg report.
The deal may embrace leveraged loans and high-yield bonds, marking TeraWulf’s first entry into the leveraged mortgage market, the report acknowledged.
The information comes days after TeraWulf signed a 20-year lease settlement with Anthropic for the Kentucky facility, displaying how demand for AI computing capability is creating new funding alternatives for knowledge heart operators.
TeraWulf’s earlier financing exercise consists of multibillion-dollar choices
The Justified Information campus in Hawesville, Kentucky, is being developed as a large-scale knowledge heart venture to assist AI computing workloads, with preliminary operations anticipated within the second half of 2027 and full buildout focused for early 2028.
The ability is predicted to generate about $19 billion in contracted income over the preliminary lease time period with Anthropic, in keeping with TeraWulf.
Supply: TeraWulf
The $3.5 billion debt elevate follows the corporate’s earlier financing choices, the place it raised $1.3 billion in December 2025 and $3.2 billion in October 2025.
Cointelegraph reached out to TeraWulf and Morgan Stanley for touch upon the reported financing however had not obtained a response by publication time.
TeraWulf faces considerations over insider transactions and development mannequin
TeraWulf has not too long ago drawn investor questions over insider inventory gross sales, shareholder alignment and broader considerations over the corporate’s development mannequin.
On Thursday, Bitcoin mining advisory firm Blocksbridge Consulting highlighted TeraWulf for example of the investor scrutiny round insider inventory gross sales at Bitcoin mining corporations which have benefited from AI-related momentum.
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TeraWulf has additionally confronted questions over the economics of its AI knowledge heart mannequin. In a McNallie Cash podcast on Tuesday, Fleury pushed again towards a short-seller’s mannequin that estimated greater upkeep prices for TeraWulf’s knowledge facilities. He argued that the corporate’s function is to offer energy and facility infrastructure, whereas clients are accountable for their computing gear and know-how upgrades.
Supply: Matthew Sigel
Fleury mentioned the corporate’s long-term lease construction limits the recurring upgrades and reconfiguration prices usually related to knowledge facilities.
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