TeraWulf said on 4 November that it has signed credit support agreements with Google to back the debt financing of its Justified Data Campus in Hawesville, Kentucky. The campus is leased to Anthropic under a 20-year deal worth about $19bn over its initial term, covering roughly 401 MW of critical IT load. The same day, TeraWulf named Fluor Enterprises as its engineering, procurement and construction contractor for the campus's three data centre buildings, on a guaranteed-maximum-price basis.
Google's support comes as three separate agreements, one for each leased section, and each takes effect once the last data hall under its lease starts. A backstop ends when Anthropic, or an affiliate guaranteeing it, has held investment-grade ratings for at least three months. If Anthropic stops paying rent or becomes insolvent, Google can pay the rent and become the tenant, or in set circumstances pay a termination fee. Paying the fee would give Google the right to buy equity in Raylan Data, the TeraWulf unit running the project, rather than in the listed company.
The agreements carry conditions. Anthropic may use only Google-approved TPUs as accelerators in the halls while the agreement lasts. For the first six years Google generally has to take over the lease rather than terminate, unless the installed TPU pods can use less than half of the tenant's critical power. Alphabet's senior unsecured debt is rated AA+ by S&P and Aa2 by Moody's, which is the credit quality TeraWulf hopes lenders will lean on.
Fluor's role grows from the limited notice to proceed it received in March 2026, which covered early engineering and pre-construction, to the full build, testing and commissioning, with open-book cost reporting. Chairman and CEO Paul Prager said the Anthropic leases were designed from the start to address tenant credit, financing cost and capital needs, and the company's CFO said investment-grade support improves the project's financing profile. TeraWulf describes itself as an infrastructure company that builds and operates sites and does not buy AI compute hardware.
About TeraWulf
TeraWulf, based in Easton, Maryland and listed on Nasdaq as WULF, began as a bitcoin miner and now develops and operates power-backed data centre campuses for AI and high-performance computing. Paul Prager and Nazar Khan founded it in January 2021 and it went public through a reverse merger that December.
This is not the first time Google has stood behind one of its tenants. In August 2025 TeraWulf signed 10-year, $3.7bn colocation deals with AI cloud firm Fluidstack at Lake Mariner, New York, and Google backstopped $1.8bn of Fluidstack's obligations, receiving warrants for about 41 million TeraWulf shares, roughly 8%. In February 2026 TeraWulf said it would buy the former Century Aluminum smelter site in Hawesville, and on 6 July 2026 it signed the Anthropic lease there while agreeing to sell its 50.1% of the Abernathy joint venture to a Fluidstack-led group.
Neither piece of the plan is final. The project debt is anticipated rather than closed, and Fluor's guaranteed maximum price is still being set. Ready-for-service dates run in phases from late 2027 to the second quarter of 2028. Reuters, as relayed by CoinCentral, notes that big technology firms have offered multi-billion-dollar backstops to help smaller AI companies fund build-outs, and this is the latest. TeraWulf shares were down about 3% premarket on the day, as AI data-centre stocks fell on regulation worries after the US midterm results.