TeraWulf Secures Google Credit Backstop for $19 Billion Anthropic AI Lease
Key Takeaways
- Google LLC to provide credit support for debt financing related to $19 billion in Anthropic lease commitments.
- Definitive EPC agreement executed with Fluor Enterprises for three data center buildings at the Justified Data Campus.
- Phased ready-for-service completions scheduled between late 2027 and Q2 2028.
TeraWulf (NASDAQ: WULF) has secured Google credit support for planned debt financing of a Kentucky data-center campus leased to Anthropic, advancing funding arrangements for a project expected to generate about $19 billion in revenue over 20 years.
The company also signed a definitive engineering, procurement and construction agreement with Fluor Enterprises covering three buildings at its Justified Data Campus in Hawesville, Kentucky, according to a Nov. 4 statement.
TeraWulf didn’t disclose the amount or duration of Google’s credit support, the size of the anticipated borrowing or its expected pricing. The announcement concerns agreements supporting future debt financing and doesn’t announce a financing close. The $19 billion represents contracted lease commitments rather than the amount Google is backstopping.
The agreements address two requirements for turning TeraWulf’s long-term AI infrastructure leases into revenue: financing construction and delivering the facilities. The company announced the Anthropic lease in July, covering approximately 401 megawatts of critical IT capacity, the power available to computing equipment.
Under Fluor’s milestone schedule, phased completions ready for service are expected to begin in late 2027 and continue through the second quarter of 2028. That schedule extends beyond TeraWulf’s August forecast, which called for initial delivery in the second half of 2027 and full delivery in early 2028. August results
The Fluor agreement expands work begun under a limited notice to proceed announced in March. Its scope includes engineering, procurement, construction, testing and commissioning, with delivery milestones, open-book cost reporting and contractual performance protections.
While the agreement uses a guaranteed maximum price framework, TeraWulf said that pricing is being established as engineering and procurement advance. It didn’t disclose a construction contract value or a finalized price ceiling in the announcement.
The campus is being developed at a former Century Aluminum smelter with existing transmission infrastructure. In August, TeraWulf estimated investment of $4 billion to $4.5 billion in site development and initial data halls, excluding customers’ computing equipment and related infrastructure. Kentucky regulators approved an agreement supporting up to 482 megawatts of electric service for the site.
Google already provides credit support for Fluidstack’s lease obligations at TeraWulf’s Lake Mariner campus in New York. TeraWulf said in August that delivery of a building there had satisfied conditions for $600 million of that support to become effective.
The Kentucky project expands TeraWulf’s shift from bitcoin mining toward leasing infrastructure for AI and high-performance computing. Such leasing generated $31.9 million, or about 71%, of its $44.8 million in second-quarter revenue.
