TeraWulf said Wednesday that Google has signed credit support agreements backing the debt financing for roughly $19 billion of contracted lease commitments with Anthropic at TeraWulf's Justified Data Campus in Hawesville, Kentucky. TeraWulf also signed a definitive engineering, procurement and construction agreement with Fluor Enterprises for three data center buildings at the site.
The underlying lease dates to July 2026, when TeraWulf subsidiary Raylan Data LLC signed a 20-year agreement to provide Anthropic with approximately 401 MW of critical IT load for high-performance computing. The premises cover three buildings, CB-1, CB-2 and CB-3. Rent on each data hall starts on delivery, with phased ready-for-service completions expected to begin in late 2027 and run through the second quarter of 2028.
According to TeraWulf's 8-K filing, Google signed three separate Credit Support Agreements, one per building, dated November 4. The parties are Raylan, TeraWulf subsidiary Justified DataPower LLC, Anthropic and Google, which is backstopping certain of Anthropic's obligations under the leases. TeraWulf noted that Alphabet's senior unsecured debt is rated AA+ by S&P Global Ratings and Aa2 by Moody's.
“We structured our Anthropic leases from the outset to address counterparty credit, financing costs and capital requirements,”— Paul Prager, Chairman and Chief Executive Officer of TeraWulf
Key facts
- 01Google LLC signed three credit support agreements backing financing for about $19B of Anthropic lease commitments at TeraWulf's Kentucky campus.
- 02The 20-year lease, signed in July 2026, gives Anthropic about 401 MW of critical IT load in Hawesville, Kentucky.
- 03Phased ready-for-service completions are expected from late 2027 through Q2 2028.
- 04If Google pays a termination fee, it can take an equity interest in TeraWulf subsidiary Raylan Data LLC.
- 05TeraWulf signed a definitive guaranteed-maximum-price EPC agreement with Fluor for three buildings.
Each backstop takes effect when the final data hall under its lease commences. If Anthropic misses a payment or enters insolvency, Google can either pay the rent due and assume the lease as tenant, or, under certain circumstances, pay a termination fee. Paying that fee gives Google the right to acquire an equity interest in Raylan, the landlord subsidiary, rather than in TeraWulf itself.
The backstops fall away once Anthropic, or an affiliate guaranteeing its obligations, achieves and maintains certain investment-grade credit ratings for at least three months. The termination fee amortizes over a defined term after the agreements take effect. Raylan and Anthropic also signed amendments to the Justified leases on November 4, according to the filing.
The form of agreement filed with the 8-K carries a hardware condition: Anthropic and its affiliates must use only Google-approved tensor processing units as accelerators in the leased space for the term of the agreement. The dollar caps on the termination fee are left blank in the filed form.
TeraWulf did not disclose the size of the project debt the backstop supports, and describes that financing as anticipated rather than closed. CFO Patrick Fleury said cost of capital is fundamental to infrastructure development.
“Strong investment-grade credit support strengthens the project's financing profile and our ability to pursue competitive long-term debt, reinforcing our focus on disciplined capital allocation and attractive risk-adjusted returns.”— Patrick Fleury, Chief Financial Officer of TeraWulf
The Fluor contract builds on a limited notice to proceed announced in March 2026 and runs on a guaranteed-maximum-price basis, with pricing set as engineering and procurement progress. Its scope extends through construction, testing and commissioning, with defined delivery milestones, open-book cost reporting and procurement oversight. TeraWulf did not disclose the contract's value.
TeraWulf also pointed to its recent expansion of contracted power capacity to 1 GW at its Muskie Data Campus in eastern Kentucky.
TeraWulf Chairman and CEO Paul Prager said Fluor lets TeraWulf scale execution without building a global engineering and construction organization internally, and that the company remains focused on converting what it has in the ground and under contract into durable cash flow and long-term value per share.
Working on something we should cover, or seeing a story we missed? Send leads, documents, or feedback to hello@aichatdaily.com. For sensitive tips, see our secure tips page for Signal and PGP options.
Spotted an error? Email hello@aichatdaily.com with the URL and the issue, or read our full corrections policy.
