TeraWulf, the company that once made its living mining Bitcoin, is raising roughly $3.5 billion in debt to build a data center campus in Kentucky.
The debt raise is aimed at constructing the Justified Data Campus in Hawesville, Kentucky, a former industrial site that TeraWulf is transforming into a sprawling AI computing hub. With potential capacity exceeding 1 GW when fully built out, the project represents one of the more ambitious bets in the increasingly crowded race to build AI infrastructure.
The money trail
TeraWulf has been assembling its financing in stages. Back in March 2026, the company secured a $500 million bridge loan from Morgan Stanley specifically earmarked for Kentucky construction. That was followed in April by an announcement of an $800 million to $900 million equity offering intended to fund the project further and settle existing debts.
Google has reportedly been involved in backstopping the AI infrastructure expansion through warrants or backstop support. Fluor, the global engineering and construction giant, has been tapped as the EPC contractor for the development.
