TeraWulf eyes $3.5B debt raise for Anthropic-linked data center: Report

TeraWulf eyes $3.5B debt raise for Anthropic-linked data center

Bitcoin miner TeraWulf is reportedly seeking $3.5 billion in debt financing led by Morgan Stanley for its Kentucky data center campus leased by AI company Anthropic.

The $3.5 billion debt raise follows the company’s previous financing offerings, where it raised $1.3 billion in December 2025 and $3.2 billion in October 2025.

Cointelegraph reached out to TeraWulf and Morgan Stanley for comment on the reported financing but had not received a response by publication time.

Investor scrutiny and insider stock sales

TeraWulf has recently drawn investor questions over insider stock sales, shareholder alignment and broader concerns over the company’s growth model.

On Thursday, Bitcoin mining advisory company Blocksbridge Consulting highlighted TeraWulf as an example of the investor scrutiny around insider stock sales at Bitcoin mining companies that have benefited from AI-related momentum.

Economics of the AI data center model

TeraWulf has also faced questions over the economics of its AI data center model. In a McNallie Money podcast on Tuesday, Fleury pushed back against a short-seller’s model that estimated higher maintenance costs for TeraWulf’s data centers.

He argued that the company’s role is to provide power and facility infrastructure, while customers are responsible for their computing equipment and technology upgrades.

Fleury said the company’s long-term lease structure limits the recurring upgrades and reconfiguration costs typically associated with data centers.