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BTC Former bitcoin mining company will conduct the largest debt financing, with funds directed directly to the field of artificial intelligence
A former bitcoin mining company is about to conduct the largest debt financing to date, and the funds raised will be directly invested in the field of artificial intelligence. TeraWulf Corporation (NASDAQ: WULF) is preparing to raise approximately $3.5 billion in debt to build a new data center park in Kentucky, according to people familiar with the matter. The financing marks the company\'s first foray into the leveraged loan market.
According to Patrick Fleury, chief financial officer of TeraWulf, Morgan Stanley will lead the financing, which is expected to start later this year. The deal will combine leveraged loans and high-yield bonds. TeraWulf has previously raised funds in a similar way-issuing $1.3 billion in high-yield bonds in December last year and $3.2 billion in October, becoming the first Bitcoin mining company to enter the high-yield bond market.
Transforming AI
Like several other Bitcoin miners over the past year, TeraWulf is moving from purely mining to a new field-building physical infrastructure for artificial intelligence companies. Mining hardware and data centers once used to process Bitcoin transactions are being reused or built in parallel with new facilities to accommodate the computing power needed by AI companies. This week, TeraWulf\'s transition from Bitcoin mining to AI became more concrete.
On July 6, TeraWulf signed a 20-year lease with Anthropic PBC to lease its Kentucky data center campus, Justified Data. According to a news release from TeraWulf, the lease is expected to generate approximately $19 billion in contract revenue over the initial term. The facility is designed to support 401 MW of critical IT loads and is expected to begin operations in the second half of 2027.
The deal is based on a broader cooperation. Anthropic also separately agreed to lease computing chips at two other TeraWulf data centers, reported last month.
Market Reaction
Wall Street responded positively to this. On July 7, Morgan Stanley reiterated its \"overweight\" rating on TeraWulf and raised its target price from $66.50 to $72, believing that the partnership with Anthropic was a key driving force.
TeraWulf shares extended their gains on Thursday, rising 4.5% to close at $23.87. The stock has risen more than 80% so far this year, reflecting investors \'enthusiasm for the company\'s transition to AI infrastructure.
To fund its AI expansion, TeraWulf also sold its 50% stake in a 168-megawatt data center in Abernathy, Texas to an investor group led by Fluidstack. The company indicated this transformation direction as early as May, saying that AI infrastructure will increasingly become the main driver of its business growth in the future.
Morgan Stanley dominated all previous TeraWulf bond offerings. According to Fleury, many participants in the company\'s $250 million revolving credit facility earlier this year are also expected to participate in the financing of Justified Data.
