TeraWulf Targets $3.5B Debt to Fuel Anthropic AI Campus

The financing package, expected to be led by Morgan Stanley, will likely blend leveraged loans and high-yield bonds as the company scales its Justified Data campus in Hawesville. Chief Financial Officer Patrick Fleury noted the firm may enter the leveraged loan market for the first time to secure the necessary capital, though final terms remain fluid. The project aims to support 401 megawatts of critical computing load, with initial operations slated for late 2027.

While the 20-year agreement with Anthropic promises roughly $19 billion in contracted revenue, the transition remains capital-intensive. TeraWulf must shoulder the burden of construction and debt servicing long before the full value of the lease is realized. The company has already leaned heavily on debt to fund its Lake Mariner expansion in New York, and this latest move deepens its shift away from volatile cryptocurrency markets toward the more stable, albeit expensive, infrastructure sector. As mining firms increasingly repurpose their power grids for AI, TeraWulf’s ability to manage this mounting debt will determine the viability of its new business model.