US-listed Bitcoin mining firm TeraWulf is reportedly looking for to lift $3.5 billion in debt to increase its Justified Knowledge campus in Kentucky, a facility leased by synthetic intelligence firm Anthropic beneath a long-term settlement.
The deal is anticipated to launch this 12 months, with funding financial institution Morgan Stanley main the financing effort, TeraWulf chief monetary officer Patrick Fleury mentioned, in line with a Thursday Bloomberg report.
The deal might embrace leveraged loans and high-yield bonds, marking TeraWulf’s first entry into the leveraged mortgage market, the report said.
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 information heart operators.
TeraWulf’s earlier financing exercise consists of multibillion-dollar choices
The Justified Knowledge campus in Hawesville, Kentucky, is being developed as a large-scale information heart undertaking 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 anticipated to generate about $19 billion in contracted income over the preliminary lease time period with Anthropic, in line with TeraWulf.
Supply: TeraWulf
The $3.5 billion debt increase 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 acquired 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 information heart mannequin. In a McNallie Cash podcast on Tuesday, Fleury pushed again towards a short-seller’s mannequin that estimated increased upkeep prices for TeraWulf’s information facilities. He argued that the corporate’s function is to supply energy and facility infrastructure, whereas clients are chargeable for their computing tools and expertise upgrades.
Supply: Matthew Sigel
Fleury mentioned the corporate’s long-term lease construction limits the recurring upgrades and reconfiguration prices usually related to information facilities.
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