Google will backstop the debt behind TeraWulf's $19 billion of Anthropic data center leases

TeraWulf said on Wednesday, Nov. 4, 2026, that it signed credit support agreements with Google for debt financing behind about $19 billion of contracted Anthropic lease commitments at its Justified Data Campus in Hawesville, Kentucky, and a definitive engineering, procurement and construction deal with Fluor.

Building AI data centers for a startup tenant means borrowing billions against that tenant's promise to pay. Having Google, Anthropic's big cloud partner and investor, stand behind the debt turns that bet into something closer to a AA+ credit, which should make the money a lot cheaper. It's also a reminder of how tangled the AI buildout has become: the hyperscalers are now underwriting each other's customers.

TeraWulf signed credit support agreements with Google LLC, a subsidiary of Alphabet, for debt it expects to raise against about $19 billion of contracted lease commitments with Anthropic. The leases are at the Justified Data Campus in Hawesville, Kentucky. Credit support is a contract that lets lenders look at Google's promise to stand behind that debt, which is how a project borrows against a tenant's agreement to pay. Those lines are TeraWulf's.

Alphabet's senior unsecured debt is rated AA+ by S&P Global Ratings and Aa2 by Moody's. Senior unsecured debt is borrowing that is not tied to a specific building or machine as collateral, and that is paid before more junior debt. A rating is a credit agency's grade for how likely that borrowing is to be repaid. AA+ and Aa2 both sit near the top of the scale. TeraWulf is citing Alphabet's ratings. They are not a grade TeraWulf earned for itself. Those lines are TeraWulf's.

TeraWulf also signed a definitive engineering, procurement, and construction agreement with Fluor Enterprises, on a guaranteed-maximum-price basis. Engineering, procurement, and construction, shortened to EPC, means Fluor designs the buildings, buys what they need, and builds them. The contract covers three data center buildings at Justified, including testing and commissioning. Commissioning is the checkout that a building is ready to run. A guaranteed maximum price is a cap on what TeraWulf pays. That cap is still being set as the engineering and the purchasing move forward. The full contract builds on a limited notice to proceed that TeraWulf announced in March 2026. A notice to proceed is permission to start a slice of the work before the whole contract is signed. The full agreement adds defined delivery milestones, open-book cost reporting, and performance protections. Open-book means Fluor shows the costs as they come in, rather than hiding them inside one lump sum. Those lines are TeraWulf's.

Phased ready-for-service completions are expected to begin in late 2027 and run through the second quarter of 2028. Ready for service means a building can be handed over. Phased means the buildings arrive over time, not on one day. That schedule is TeraWulf's expectation, not capacity already online.

TeraWulf recently expanded contracted power at its Muskie Data Campus, in eastern Kentucky, to 1 gigawatt. A gigawatt is a billion watts. It measures electricity under contract, not chips already installed. Muskie is a different campus from Justified. That line is TeraWulf's.

Paul Prager, chairman and chief executive, said: "We structured our Anthropic leases from the outset to address counterparty credit, financing costs and capital requirements." Counterparty credit is whether the other side of a contract can pay. He also said: "Ultimately, megawatts alone do not create shareholder value." A megawatt is a million watts. Patrick Fleury, chief financial officer, said: "Cost of capital is fundamental to infrastructure development." Cost of capital is the price of the money used to build, in interest and in the return investors require. Those quotations are theirs.

The picture is TeraWulf co-founder, Chairman and CEO Paul Prager, gray-haired, in a light blue shirt and navy zip jacket, photographed against a concrete wall. The credit is TeraWulf.

In plain terms, Google agreed to stand behind the debt TeraWulf expects to raise for about $19 billion of Anthropic lease commitments at a Kentucky data center campus. Fluor has a full contract to design and build three buildings there, with the price cap still being set, and the first of them is expected late in 2027. Alphabet's own debt is rated near the top of the scale, which is the point of the support.