TeraWulf Lines Up Google Backstop for Anthropic’s Kentucky AI Campus

TeraWulf announced on November 4, 2026 that Google LLC had agreed to backstop certain Anthropic lease obligations at the Justified Data Campus in Hawesville, Kentucky, supporting anticipated debt financing tied to approximately $19 billion in contracted lease commitments. TeraWulf also executed a definitive construction agreement with Fluor Enterprises for three campus buildings.

Chief Financial Officer Patrick Fleury said the investment-grade backing from Google LLC, an Alphabet subsidiary, strengthens the project’s financing profile and TeraWulf’s ability to pursue competitive long-term debt. Alphabet’s senior unsecured debt carries ratings of AA+ from S&P Global Ratings and Aa2 from Moody’s.

Google’s Lease Backstop

A regulatory filing details three credit support agreements covering the CB-1, CB-2 and CB-3 leased premises. The participants include TeraWulf, Raylan Data, its wholly owned subsidiary Justified DataPower, Anthropic and Google. Raylan and Anthropic also amended the Justified leases in connection with the backstop.

Each backstop becomes effective on the commencement date for the final data hall under its corresponding lease. It can terminate after Anthropic, or an affiliate that guarantees its lease obligations, achieves and maintains specified investment-grade ratings for at least three months.

After an Anthropic payment default or insolvency event, Google can pay the rent currently due and assume the applicable lease as tenant or, under specified circumstances, pay a termination fee. For a payment default, Google may defer that election for a defined period while paying unpaid rent and additional rent that becomes due. The fee amortizes over a defined term, and paying it gives Google the right to acquire an equity interest in Raylan.

The filed agreement also requires Anthropic and its affiliates to use only Google-approved tensor processing units for accelerator processors in the premises throughout the agreement’s term. Google cannot choose the lease-termination route during the first six years after the backstop becomes effective unless the installed TPU pods can consume less than 50% of tenant critical power. Those terms give Google a defined contractual role in the campus’s accelerator configuration and the handling of a tenant default.

Lease Scale and Construction

The backstop supports the 20-year Anthropic lease announced July 6, 2026, which covers approximately 401 MW of critical IT load for high-performance computing operations. Anthropic’s rent obligation begins upon delivery of each data hall and continues through the initial lease term. A July filing also gives Anthropic two successive five-year renewal options.

Fluor’s definitive agreement expands the limited notice to proceed announced in March 2026, moving from early engineering and pre-construction to full engineering, procurement, construction, testing and commissioning across the campus. It establishes delivery milestones, open-book cost reporting, procurement oversight and contractual performance protections. Guaranteed maximum pricing is being established as engineering and procurement progress.

TeraWulf expects phased ready-for-service completions to begin in late 2027 and continue through the second quarter of 2028. The company develops and operates power-backed infrastructure under long-term leases without investing in AI compute hardware itself, making credit support and construction execution central to its role in the Anthropic arrangement.

The financing and construction pricing remain open: project debt is anticipated rather than completed, and Fluor’s guaranteed maximum price is being established. The Google agreements define the protections and options around specified lease defaults, but TeraWulf’s contracted revenue still depends on delivering the data halls that start Anthropic’s rent obligations.