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TeraWulf has secured credit support from Google for a major data center development planned for Anthropic in Kentucky. The agreement is expected to strengthen the company's ability to obtain long-term project financing for infrastructure designed to handle artificial intelligence and high-performance computing workloads.
The deal covers approximately USD 19 billion in contracted lease commitments at TeraWulf's Justified Data Campus in Hawesville, Kentucky. Google, a subsidiary of Alphabet, has agreed to provide contractual credit support for the financing linked to the project.
Under the agreements, Google will provide financial backing for certain obligations Anthropic has under three long-term data center leases. The contracts cover approximately 401 megawatts of critical IT capacity over a 20-year period.
If Anthropic defaults on payments or faces an insolvency event, Google can choose to pay outstanding rent and assume the relevant lease. Under certain conditions, it can instead pay a termination fee, which would give Google the right to acquire an equity interest in Raylan Data, TeraWulf's subsidiary.
The credit support is subject to specific conditions. It is expected to become effective when the final data hall under each lease begins operations. The arrangement can end if Anthropic or a qualifying affiliate achieves and maintains certain investment-grade credit ratings for at least three months.
TeraWulf said the backing could help it secure more competitive financing terms and reduce the project's borrowing costs.
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Alongside the Google agreement, TeraWulf has signed a definitive engineering, procurement and construction contract with Fluor Enterprises. The agreement covers three data center buildings, including construction, testing and commissioning.
The contract includes delivery milestones, procurement oversight and performance protections. Guaranteed maximum pricing is still being established as engineering and procurement work progresses. Phased completion is expected to begin in late 2027 and continue through the second quarter of 2028.