On July 10, according to Bloomberg, Bitcoin mining company TeraWulf plans to raise approximately $3.5 billion, led by Morgan Stanley, to expand its Justified Data data center campus in Horse Cave, Kentucky.
This financing will include leveraged loans and high-yield bonds, marking TeraWulf's first entry into the leveraged loan market, with plans to launch within this year. TeraWulf has previously signed a 20-year lease with Anthropic, with an estimated contract revenue of approximately $19.0 billion during the initial term, plus two renewal options of five years each. The data center is expected to begin preliminary operations in the second half of 2027, with full construction completed in early 2028.[TechFlow]