TeraWulf said Nov. 4 it signed credit-support agreements with Google for its Anthropic data-center project in Hawesville, Kentucky, seeking to strengthen the project’s financing as it moves into a broader construction program.
The company also signed a definitive engineering, procurement and construction agreement with Fluor Enterprises for three buildings at its Justified Data Campus.
The approximately $19 billion cited in TeraWulf’s announcement represents previously contracted Anthropic lease commitments. It is not a newly announced Google investment or the disclosed value of Google’s backstop.
Credit support for existing leases
TeraWulf’s Nov. 4 securities filing describes three agreements under which Google would backstop certain Anthropic obligations. They relate to three leases between Anthropic and TeraWulf subsidiary Raylan Data.
The backstop under each agreement takes effect when the final data hall under the corresponding lease commences. The filing also sets termination conditions, including qualifying investment-grade credit ratings maintained for a specified period.
Patrick Fleury, TeraWulf’s chief financial officer, said the credit support strengthens the project’s financing profile as TeraWulf pursues long-term debt. The announcement did not disclose the backstop’s dollar size or announce a completed debt financing.
The Anthropic arrangement dates to July and runs for 20 years. It covers approximately 401 megawatts of capacity for computing equipment. Anthropic’s rent payments begin as individual data halls are delivered, according to the filing.
Construction scope expands
Fluor’s new agreement expands work beyond early engineering and pre-construction to procurement, construction, testing and commissioning, TeraWulf said. It builds on a limited notice to proceed announced in March.
The company said the contract includes delivery milestones, open-book cost reporting and procurement oversight. Maximum pricing is still being established as engineering and procurement progress; the announcement does not establish a final fixed construction price.
TeraWulf expects phased completions to begin in late 2027 and continue through the second quarter of 2028. The company develops the underlying infrastructure rather than investing in AI computing hardware, according to its announcement.
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Sources: TeraWulf’s announcement; TeraWulf’s SEC filing; Reuters.