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BTC U.S. -listed bitcoin mining company TeraWulf is seeking to raise $3.5 billion in debt to expand its Justified Data campus in Kentucky, Bloomberg reported on Thursday. The park is rented by artificial intelligence company Anthropic under a long-term agreement. Patrick Fleury, chief financial officer of TeraWulf, said the deal is expected to start this year and investment bank Morgan Stanley will lead the financing.
reported that the deal could include leveraged loans and high-yield bonds, marking the first time TeraWulf has entered the leveraged loan market. A few days ago, TeraWulf had just signed a 20-year lease with Anthropic for the Kentucky facility, indicating that the need for AI computing power is creating new financing opportunities for data center operators.
TeraWulf\'s previous financing activities include multi-billion dollars
The Justified Data Park in Horsville, Kentucky is being developed as a large data center project to support AI computing workloads and is expected to begin operations in the second half of 2027 and be fully operational in early 2028. TeraWulf said the facility is expected to generate approximately $19 billion in contract revenue under the initial lease with Anthropic. 
Prior to this US$3.5 billion debt financing, the company had raised US$1.3 billion in December 2025 and US$3.2 billion in October 2025. As of press time, Cointelegraph had contacted TeraWulf and Morgan Stanley for comment on the financing, but had not yet received a response.
TeraWulf faces concerns about internal transactions and growth model
TeraWulf has recently raised questions from investors over issues such as internal stock sales, consistency of shareholder interests and the company\'s growth model. On Thursday, bitcoin mining consulting firm Blocksbridge Consulting pointed out that TeraWulf is an example of investors focusing on internal stock sales of bitcoin mining companies that have benefited from AI-related momentum.
Related: Crypto Business: Is AI an exit strategy for miners?
TeraWulf also faces doubts about the economic benefits of its AI data center model. In a podcast on Tuesday, Fleury refuted a short seller\'s model that estimates that TeraWulf\'s data center is more costly to maintain. He argued that the company\'s role was to provide power and facility infrastructure, while customers were responsible for its computing equipment and technology upgrades. 
Fleury said the company\'s long-term lease structure limits the repeated upgrades and reconfiguration costs that typically accompany data centers.
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