The NASDAQ-listed firm secures a 20-year lease with Anthropic, targeting $19 billion in contracted revenue from 401 MW capacity.
TeraWulf Inc. ($WULF) is set to raise $3.5 billion in debt to fund construction at its Justified Data campus in Kentucky, supporting a long-term lease with AI firm Anthropic. Morgan Stanley ($MS) will lead the financing, which may include leveraged loans and high-yield bonds, marking TeraWulf’s first foray into the leveraged loan market.
The 20-year lease with Anthropic covers 401 megawatts of IT capacity, expected to generate $19 billion in contracted revenue. Capacity will begin coming online in late 2027, with full deployment targeted for early 2028. TeraWulf previously raised $3.2 billion to finance its transition from bitcoin mining to AI infrastructure.
CEO Paul Prager stated the Anthropic deal validates the company’s strategy, providing a long-term revenue base and room for further expansion. The project leverages TeraWulf’s existing power access and site development capabilities.