Jul 10, 2026 | Posted by Abdul-Rahman Oladimeji
TeraWulf is seeking approximately $3.5 billion in debt financing to support construction of its Justified Data campus in Hawesville, Kentucky, which will be leased to AI company Anthropic. According to Bloomberg, Morgan Stanley is expected to lead the financing package, which is likely to include high-yield bonds. The fundraising follows the announcement of a 20-year lease agreement with Anthropic, valued at an estimated $19 billion.
Anthropic is also a customer at TeraWulf's New York campus near Buffalo, where it leases capacity through Fluidstack under an arrangement backed by Google. Earlier this week, TeraWulf also sold its 50.1 percent stake in the Abernathy joint venture with Fluidstack, a partnership established in 2025 to develop a 168MW data center campus in Abernathy, Texas.
TeraWulf recently sold its stake in the Abernathy joint venture to an investor group led by Fluidstack, saying the deal allows it to realize the value of its $450 million investment and redeploy the proceeds into other projects. The company also secured a $250 million revolving credit facility earlier this year, with some of those lenders expected to participate in the planned financing. In late 2025, TeraWulf also expanded its convertible notes offering to $900 million, due in 2032.
