TeraWulf Inc. announced Wednesday that Google will provide a credit backstop for the debt financing behind roughly $19 billion in contracted lease commitments with Anthropic, the Claude AI developer, at its Justified Data Campus in Hawesville, Kentucky. The company also signed a definitive construction agreement with engineering firm Fluor to build the campus, according to TeraWulf’s official press release, reported by Reuters on November 4.
What Was Announced?
TeraWulf (NASDAQ: WULF) said it has executed credit support agreements with Google LLC, a subsidiary of Alphabet, in connection with anticipated debt financing for the Justified campus. Alphabet’s senior unsecured debt is rated AA+ by S&P Global and Aa2 by Moody’s, and Google’s investment-grade backing is meant to help TeraWulf secure more competitive long-term project financing than it could on its own balance sheet.
The agreements support a 20-year lease with Anthropic covering about 401 megawatts of critical IT load, signed in July 2026 and expected to generate roughly $19 billion in contracted revenue. Separately, TeraWulf executed a definitive engineering, procurement, and construction agreement with Fluor Enterprises on a guaranteed-maximum-price basis, covering three data center buildings and expanding Fluor’s role from early engineering to testing and commissioning.
Key Details and Caveats
Several important limits shape the deal. TeraWulf did not disclose the amount, duration, or pricing of Google’s credit support, and the debt financing itself has not closed: the announcement concerns agreements supporting anticipated borrowing. The $19 billion figure represents contracted lease commitments from Anthropic, not the amount Google is backstopping. Google is not lending money or building the campus; it is agreeing to backstop certain Anthropic obligations under the leases if the AI company fails to meet them.
Phased ready-for-service completions are expected to begin in late 2027 and continue through the second quarter of 2028, with initial capacity targeted for the second half of 2027. Google already provides credit support for another tenant, Fluidstack, at TeraWulf’s Lake Mariner campus in New York.
What the Executives Said
“We structured our Anthropic leases from the outset to address counterparty credit, financing costs and capital requirements,” said Paul Prager, TeraWulf’s chairman and CEO. “Google’s credit support strengthens our ability to secure competitive project financing, while Fluor’s engineering and construction capabilities expand our capacity to execute at scale.”
“Cost of capital is fundamental to infrastructure development,” added CFO Patrick Fleury. “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.”
Why It Matters
The deal is the latest example of hyperscalers acting as financiers, not just customers, of the AI build-out. Meta is borrowing $15 billion or more through bond sales, Alphabet sold 6 billion euros of bonds this week, and Google is now underwriting a smaller developer’s debt against Anthropic’s future rent. For TeraWulf, a former bitcoin miner pivoting to AI infrastructure, the combination of an investment-grade backstop and a fixed-price builder contract converts a long-term lease into bankable construction. The risk sits with execution: 401 megawatts of delivered, rented capacity by late 2027 is a large promise, and the financing terms that actually materialize remain undisclosed.
