TeraWulf Gets Google Credit Support for Debt Tied to $19 Billion Anthropic Lease in Kentucky

TeraWulf Inc. (NASDAQ: WULF) announced today, Nov. 4, 2026, that it signed credit support agreements with Google LLC tied to debt financing for its Justified Data Campus in Hawesville, Kentucky. The campus is leased to Anthropic under a 20-year agreement worth about $19 billion in contracted commitments.

The company also signed a definitive engineering, procurement and construction agreement with Fluor Enterprises, Inc. for three data center buildings at the site.

This is a financing story, not a closing. The agreements support anticipated debt. No loan has been finalized.

What Google actually agreed to

Google, a subsidiary of Alphabet, provides contractual credit support for the future borrowing, TeraWulf said. The company pointed to Alphabet's senior unsecured debt ratings: AA+ from S&P Global Ratings and Aa2 from Moody's.

TeraWulf has not disclosed the dollar amount or duration of Google's support, the size of the planned borrowing, or the expected pricing. The $19 billion is the total of Anthropic's lease commitments. It is not the amount Google is backstopping.

"Cost of capital is fundamental to infrastructure development," said Patrick Fleury, TeraWulf's chief financial officer. He said investment-grade credit support strengthens the project's financing profile and the company's ability to pursue competitive long-term debt.

CEO Paul Prager said TeraWulf "structured our Anthropic leases from the outset to address counterparty credit, financing costs and capital requirements."

Fluor takes over construction

The Fluor contract builds on a limited notice to proceed announced in March 2026. It widens Fluor's role from early engineering and pre-construction to engineering, procurement, construction, testing and commissioning.

TeraWulf says the deal includes defined delivery milestones, open-book cost reporting, procurement oversight and contractual performance protections.

It is structured on a guaranteed maximum price basis, which caps what the owner pays. TeraWulf said the price is still being established as engineering and procurement move forward. The company did not disclose a contract value or a final ceiling.

Phased ready-for-service dates run from late 2027 through the second quarter of 2028. That is later than TeraWulf's August forecast, which called for initial delivery in the second half of 2027 and full delivery in early 2028.

The project in numbers

TeraWulf announced the Anthropic lease in July 2026. It covers approximately 401 megawatts of critical IT load, the power that reaches servers and computing gear rather than cooling or lighting.

The campus sits on a former Century Aluminum smelter site with existing transmission infrastructure. Kentucky regulators approved an agreement supporting up to 482 megawatts of electric service.

In August, TeraWulf estimated $4 billion to $4.5 billion in investment for site development and the initial data halls. That figure excludes customers' computing equipment and related infrastructure.

A pattern with Google

This is not Google's first backstop for a TeraWulf tenant. 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 satisfied conditions for $600 million of that support to become effective.

TeraWulf also expanded contracted power capacity at its Muskie campus in Kentucky to 1 GW, according to the Crypto Briefing report on the announcement.

What the structure means

The logic is simple. A lender weighing a 20-year loan to a company that began as a Bitcoin miner looks at the tenant's credit and the owner's credit. A guarantee from a AA+ rated parent shifts part of that risk onto Alphabet. TeraWulf's own framing is that this lowers financing costs and improves terms.

That is the company's claim, and it is unproven until the debt is priced. TeraWulf has not said what rate it expects or how much of the loan Google's support covers. Without those numbers, the size of the benefit is unknown.

The schedule is the other open item. The Fluor timeline now runs later than the August forecast, and the guaranteed maximum price is not yet fixed. Anthropic's lease payments depend on the buildings being delivered.

TeraWulf has not said when it expects to close the financing. The first hard data will be the debt's size and pricing when it is announced, and the final Fluor price ceiling once engineering and procurement advance.