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TeraWulf Seeks About $3.5 Billion for Kentucky Data Center

July 9, 2026 at 11:03 EDT

Infra & Chips
Funding & M&A

Former bitcoin miner TeraWulf (NASDAQ: WULF) is preparing to raise about $3.5 billion in debt to build a data center campus in Kentucky, including its first-ever entry into the leveraged loan market. Bloomberg reported on July 9, 2026, citing comments from CFO Patrick Fleury, that the proceeds will fund construction of a data center leased to Anthropic. Morgan Stanley is lead arranger, with the deal expected to launch this year.

July 9, 2026 · TeraWulf (NASDAQ: WULF)

$3.5B Debt Raise to Power an Anthropic-Leased AI Campus

Once a bitcoin miner, TeraWulf is pivoting to AI/HPC infrastructure — funding a 401 MW Kentucky data center on the back of a 20-year, ~$19 billion lease to Anthropic. Its first-ever move into the leveraged loan market.

~$3.5B

Debt raise (first leveraged loan)

~$19B

Anthropic lease revenue over 20 years

401 MW

Critical IT load at Hawesville campus

+16%

Premarket stock jump on lease news

Does the raise match the build?

Industry benchmark: HPC/AI data centers cost ~$8M–$10M per MW. For 401 MW that implies roughly $3.2B–$4.0B — broadly in line with the ~$3.5B raise.

$3.2B–$4.0B

Implied build cost (401 MW)

≈

~$3.5B

Debt raise (leveraged loan)

Path to power delivery

Justified Campus

Former aluminum smelter, Hawesville KY

→

Initial power

H2 2027

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Full operation

Early 2028

The bull case

20-year contract gives a stable revenue base and supports an investment-grade profile
Symbol of how power + land owners can ease the compute bottleneck
Brownfield sites secure fast grid connections

The risks

Execution risk on construction and power-delivery timelines
Heavy capital-spending financing burden
Uncertain full separation from bitcoin price swings
Local pushback over water-use permits

Deal structure

Follows a $3.2B high-yield bond sale in October 2025. This is TeraWulf's first leveraged loan — bought largely by CLO investors, broadening the lender pool. Morgan Stanley is lead arranger, with launch expected this year.

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