TeraWulf Eyes $3.5B Debt Raise for Anthropic Kentucky Campus

TeraWulf is advancing a $3.5 billion debt financing led by Morgan Stanley to fund construction of its Kentucky AI data center following the Anthropic lease. The July 6 announcement of the 20-year, $19 billion lease for 400 MW triggered a 17% premarket surge and validated the company’s shift to HPC. CEO Paul Prager highlighted the deal’s length and credit profile on July 7 while confirming the sale of the Abernathy JV stake for $530 million to recycle capital into higher-return projects. Capacity is slated to begin online in H2 2027 with full deployment by early 2028.