TeraWulf is reportedly looking to raise $3.5 billion in debt financing to support development of a data center campus in Kentucky that is leased to, or tied to, AI company Anthropic. Multiple outlets cite the same proposed funding size and geographic focus, describing the facility as an Anthropic-linked buildout rather than a general expansion. Cointelegraph reports that the financing would be led by Morgan Stanley, indicating a structured debt raise involving a major financial institution. Yahoo Finance and Investing.com similarly describe the plan in terms of a $3.5 billion debt raise for the Kentucky campus associated with Anthropic, but do not add materially different details in the provided excerpts. Across the coverage, the core points are consistent: TeraWulf is pursuing large-scale debt funding; the intended use is to finance a Kentucky data center project; and the project is linked to Anthropic. The reports are based on unnamed or secondary information, and none of the provided summaries confirm the proposal’s final approval or timing.