TeraWulf (WULF) shares rose following reports of a $3.5 billion debt offering. The former Bitcoin miner will use the funds to build an AI-focused data center campus in Kentucky. This move marks a strategic pivot toward high-demand AI infrastructure.
Morgan Stanley is reportedly leading the financing package through leveraged loans and high-yield bonds. The capital will fund the construction of the Justified Data campus.
AI firm Anthropic has signed a 20-year anchor lease for the facility. This agreement is projected to generate $19 billion in revenue over its initial term.
The expansion aligns with a trend of crypto miners repurposing energy expertise for AI. While the deal increases TeraWulf's debt load, it secures an investment-grade tenant and establishes the company in the AI infrastructure market.