TeraWulf Lands Google Backing for $19 Billion Anthropic Lease

TeraWulf announced on November 4, 2026 (WULF ) that it had executed credit support agreements with Google for anticipated debt financing supporting approximately $19 billion of contracted lease commitments with Anthropic at the Justified Data Campus in Hawesville, Kentucky. The company also signed a definitive engineering, procurement and construction agreement with Fluor Enterprises covering three data center buildings at the site.

The amount refers to Anthropic’s lease commitments, not a disclosed dollar value for Google’s support. The underlying arrangement dates to July 2026, when TeraWulf subsidiary Raylan Data entered a 20-year lease to provide Anthropic with approximately 401 megawatts of critical IT load across CB-1, CB-2 and CB-3. Anthropic’s obligation to pay rent begins upon delivery of each data hall, according to TeraWulf’s Form 8-K.

Chief Financial Officer Patrick Fleury called cost of capital “fundamental to infrastructure development” and said the investment-grade support strengthens the project’s financing profile and ability to pursue competitive long-term debt. TeraWulf cited Alphabet senior unsecured debt ratings of AA+ from S&P Global Ratings and Aa2 from Moody’s; Google is an Alphabet subsidiary.

Backstop Depends on Data-Hall Delivery

Each of the three agreements covers one Justified lease and backstops certain Anthropic obligations. Each becomes effective on the commencement date for the final data hall under its corresponding lease, rather than at signing. Each can also terminate under specified conditions, including Anthropic, or a qualifying affiliate guaranteeing its obligations, achieving and maintaining certain investment-grade ratings for at least three months.

After a lease payment default or an Anthropic insolvency event, and following notice from Raylan, Google can pay all rent currently due and assume the lease as tenant or, under certain circumstances, pay a termination fee. Paying that fee would give Google the right to acquire an equity interest in Raylan. For a payment default without an insolvency event, Google may defer that choice for a specified period while paying unpaid rent and additional rent that comes due.

The filed form of credit support agreement ties the termination-fee schedule to anticipated project debt and permits reductions to reflect actual project debt. Its maximum-fee and project-debt fields are blank, so the public form does not establish a numerical cap on the fee.

The form also requires Anthropic to use only Google-approved tensor processing units for accelerator processors throughout the agreement. Google generally cannot choose the rejection option during the first six years after effectiveness unless installed TPU pods, when operating, can consume less than 50% of tenant critical power. These provisions give Google options over the tenancy and a potential Raylan equity stake while requiring Anthropic to use Google-approved accelerator hardware.

Fluor Expands Construction Role as Pricing Remains Open

Fluor’s definitive agreement expands its role from the limited notice to proceed announced in March 2026 and early engineering and pre-construction work to engineering, procurement, construction, testing and commissioning. It establishes delivery milestones, open-book cost reporting, procurement oversight and contractual performance protections. Guaranteed maximum pricing is still being established as engineering and procurement progress, so the announcement does not provide a final construction price.

TeraWulf expects phased ready-for-service completions to begin in late 2027 and continue through the second quarter of 2028. Chief Executive Paul Prager said, “Fluor gives us the ability to scale execution without building a global engineering and construction organization internally.”

TeraWulf describes its business as pairing long-term access to power with contracted AI and high-performance computing demand. It develops and operates the underlying infrastructure rather than investing in AI compute hardware, supported by long-term leases and investment-grade credit protections. The Justified agreements follow the recent expansion of contracted power capacity to 1 gigawatt at its Muskie Data Campus in eastern Kentucky.

That division of roles leaves Anthropic responsible for the Google-approved accelerator-hardware requirement, while TeraWulf develops the power-backed campus. The remaining execution requirements are arranging the anticipated debt, settling the guaranteed maximum price and delivering the data halls. Phased deliveries start Anthropic’s rent obligations, while commencement of the final hall under each lease activates its backstop, tying the financing protections to construction progress.