Bitcoin miner TeraWulf plans to raise approximately $3.5 billion in debt financing for the Justified Data campus in Kentucky, leased by Anthropic, according to Bloomberg.
According to the company’s CFO, Patrick Fleury, Morgan Stanley will organize the deal. The financing may include leveraged loans and high-yield bonds. This will be TeraWulf’s first venture into the market for such loans.
The funds will be used to develop Justified Data in Hawesville. On July 6, TeraWulf announced a 20-year lease agreement with Anthropic for the campus, which includes two five-year extension options.
The facility is expected to provide approximately 401 MW of critical IT load. Initial capacity is planned to be operational in the second half of 2027, with the campus reaching full capacity by early 2028.
TeraWulf estimates that the contract with Anthropic will generate around $19 billion in revenue over the initial lease term. The company has also agreed to sell its 50.1% stake in the Abernathy Joint Venture to a group of investors led by Fluidstack for approximately $530 million.
Previously, the miner issued high-yield bonds: $3.2 billion in October and $1.3 billion in December. According to Bloomberg, TeraWulf was the first mining company to enter the junk bond market.
Earlier, TeraWulf reported revenue of $34 million for the first quarter, with approximately $21 million generated from high-performance computing services.
In May, the miner acquired a site in Eastern Kentucky from Industrial Equity Partners to develop HPC infrastructure with a potential capacity of over 1 GW. The project is named Muskie Data Campus.
