Bitcoin mining and data center company TeraWulf is reportedly preparing to raise about $3.5 billion in debt to fund an artificial intelligence campus leased by Anthropic. The planned financing could include leveraged loans and high-yield bonds, according to a Bloomberg report. Morgan Stanley is expected to lead the transaction, which could launch later in 2026. TeraWulf Chief Financial Officer Patrick Fleury reportedly said the company could enter the leveraged loan market for the first time as part of the financing package. The company may combine the loan with high-yield bonds to finance construction at its Justified Data campus in Hawesville, Kentucky. However, TeraWulf has not announced final terms, interest rates or a closing date. The reported $3.5 billion raise remains subject to market conditions. The financing follows TeraWulf’s 20-year lease agreement with Anthropic, under which TeraWulf will develop a purpose-built AI infrastructure campus capable of supporting about 401 megawatts of critical computing load. Initial capacity is expected to begin operating in the second half of 2027, with full deployment targeted for early 2028. TeraWulf estimates that the lease will generate approximately $19 billion in contracted revenue over its initial term. The company also said the contract would receive support from an investment-grade credit profile.