Deep Tide TechFlow message: On July 10, Bloomberg reported that Bitcoin miner TeraWulf plans to raise about $3.5 billion, led by Morgan Stanley, to expand its Justified Data data center campus in Hosville, Kentucky.



This round of financing will include leveraged loans and high-yield bonds. It will be TeraWulf’s first entry into the leveraged loan market, with plans to launch within this year. TeraWulf previously signed a 20-year lease with Anthropic and is expected to generate contract revenue of about $19 billion during the initial lease term, with two additional five-year renewal options. The data centers are expected to begin preliminary operations in the second half of 2027 and complete full construction in early 2028.
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