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TeraWulf seeks $3.5 billion debt deal for Kentucky data center park

TeraWulf seeks $3.5 billion debt deal for Kentucky data center park

The financing would back the Justified Data campus in Kentucky after TeraWulf signed a 20-year Anthropic lease tied to about $19 billion in expected revenue and roughly 401 megawatts of critical IT load.

Fact Check
Every component of the claim is verified. The TeraWulf official press release confirms the 20-year Anthropic lease at the Justified Data campus (Hawesville, KY), 401 MW critical IT load, and ~$19 billion contracted revenue. Yahoo Finance/Bloomberg reporting confirms TeraWulf's ~$3.5 billion debt raise (led by Morgan Stanley) to finance that Kentucky campus. Reuters and DataCenterDynamics independently corroborate the $19B, 20-year lease figures.
Summary

TeraWulf is seeking about $3.5 billion in debt financing for its Justified Data data center campus in Hawesville, Kentucky, following a 20-year lease with Anthropic that the company said is projected to generate about $19 billion in contracted revenue. Bloomberg reported the financing would include leveraged loans and high-yield bonds, with Morgan Stanley expected to lead the effort. The Anthropic agreement covers roughly 401 megawatts of critical IT load, with initial capacity targeted for the second half of 2027 and full buildout expected in early 2028; the lease also includes two five-year renewal options. The financing plan addresses a project TeraWulf had previously estimated would require roughly $3.2 billion to $4 billion in capital expenditure, highlighting both the scale of its AI infrastructure push and the execution and funding risks.

Terms & Concepts
  • leveraged loans: Debt for higher-risk corporate borrowers.
  • high-yield bonds: Bonds offering higher returns because they carry higher credit risk.
  • critical IT load: Power capacity available for computing equipment in a data center.