Data center developer TeraWulf is planning to raise around $3.5 billion in debt financing for its data center campus in Kentucky.As reported by Bloomberg, the funding will support the build-out of a data center that will be leased by Anthropic.TeraWulf's CFO, Patrick Fleury, said that Morgan Stanley is expected to lead the financing, which will likely also include high-yield bonds.Plans for the fundraising come just days after TeraWulf revealed that Anthropic had signed a 20-year deal for the Justified Data campus in Hawesville, Kentucky, with a total estimated value of $19bn.Anthropic is also a customer of TeraWulf's New York campus outside Buffalo, with the AI lab leasing from Fluidstack at the site. Google is backstopping Fluidstack's deals with TeraWulf.Also earlier this week, TeraWulf sold its 50.1 percent ownership of the "Abernathy Joint Venture" (JV) with Fluidstack.The JV was formed in October 2025 between TeraWulf and Fluidstack, backed by Google, to establish a 168MW data center at a 120-acre campus in Abernathy, Texas.TeraWulf has now sold its share to an investor group led by Fluidstack. According to the company, this has enabled TeraWulf to "realize the value" created by its $450m investment in the project and redeploy the capital elsewhere.Earlier this year, TeraWulf secured a $250 million revolving credit line. The company has said that lenders from that facility could also be involved in the upcoming debt financing round.Prior to that, in November 2025, TeraWulf increased its convertible notes offering to $900m from $500m, due 2032.