Woofun AI reports that Bitcoin mining firm TeraWulf intends to raise approximately $3.5 billion, led by Morgan Stanley, to expand its Justified Data complex in Horsehead, Kentucky. The capital raise involves leverage loans and high-yield bonds, marking the company's first entry into the leverage loan market, with execution planned for this year.

TeraWulf has executed a 20-year lease with Anthropic, projecting initial revenues of roughly $19 billion, plus two five-year extension options. The data center is scheduled to commence operations in the second half of 2027, with full construction finishing by early 2028.