Bitcoin mining company TeraWulf plans to raise $3.5 billion to build a data center leased by Anthropic

According to Bloomberg, Bitcoin mining company TeraWulf plans to raise approximately $3.5 billion, led by Morgan Stanley, to expand its Justified Data data center campus located in Hawesville, Kentucky.

This financing will include leveraged loans and high-yield bonds, marking TeraWulf's first entry into the leveraged loan market, with plans to launch within this year. TeraWulf has previously signed a 20-year lease with Anthropic, with expected contract revenue of approximately $19 billion during the initial lease term, which also includes two five-year renewal options. The data center is expected to begin preliminary operations in the second half of 2027, with full construction completed by early 2028.