TeraWulf Plans $3.5 Billion Debt Raise to Fund AI Data Center
TeraWulf (WULF) is planning to raise $3.5 billion in debt to construct a data center campus in Kentucky that it is leasing to artificial intelligence startup Anthropic.
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The transaction will include both leveraged loans and high-yield bonds, according to TeraWulf. The technology company previously sold $1.3 billion of high-yield debt last December, becoming the first Bitcoin (BTC) miner to access the junk bond market.
Over the past year, TeraWulf has shifted its focus from cryptocurrency mining to developing artificial intelligence (AI) infrastructure. Earlier in July, TeraWulf signed a 20-year lease agreement with Anthropic for the Kentucky data center facility. The deal is expected to generate $19 billion in revenue for TeraWulf and includes two five-year extension options.
The campus, called Justified Data, is under construction in Hawesville, located about an hour southwest of Louisville.
Anthropic has also agreed to lease computer chips at two other TeraWulf data centers, Bloomberg News reported last month.
Morgan Stanley has led TeraWulf’s previous bond offerings, and the companies have discussed entering the loan market. Fleury said many lenders who participated in TeraWulf’s $250 million revolving credit line earlier this year could also participate in the Justified Data financing.
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