Overview
- TeraWulf signed a 20‑year lease with Anthropic on July 6 for about 401 megawatts of capacity at the Justified Data campus in Hawesville, Kentucky and projects roughly $19 billion in contracted revenue over the term.
- The company is preparing to raise about $3.5 billion in combined leveraged loans and high‑yield bonds, with Morgan Stanley set to lead the financing to fund a campus build estimated at $3.2–$4.0 billion.
- TeraWulf plans to bring initial capacity online in the second half of 2027 and reach the full 401 MW buildout by early 2028, with the campus designed to scale past 1 gigawatt if needed.
- To free up cash for the project, TeraWulf is selling its 50.1% stake in the Abernathy joint venture for roughly $450 million, converting an owned mining asset into funds for wholly owned development.
- Analysts and investors welcomed the deal with a volatile share rebound and Morgan Stanley raising its price target while notes of caution point to execution risks such as closing the financing, meeting construction and power milestones, and competing with large cloud operators; reports also name Fluor as EPC and suggest possible Google support but those reports are less firmly sourced.