TeraWulf Inc. has secured credit support agreements with Google LLC to underpin debt financing for approximately $19 billion in contracted lease commitments with Anthropic at its Justified Data Campus in Hawesville, Kentucky2. The deal, announced on November 4, pairs Alphabet Inc.'s balance sheet — rated AA+ by S&P Global Ratings and Aa2 by Moody's — with TeraWulf's infrastructure buildout to house Anthropic's compute workloads.
Alongside the Google credit backstop, TeraWulf executed a definitive engineering, procurement and construction agreement with Fluor Enterprises, Inc. on a guaranteed-maximum-price basis covering three data center buildings at the Justified campus. The EPC agreement establishes defined delivery milestones, open-book cost reporting, procurement oversight, and contractual performance protections.
Phased ready-for-service completions are expected to begin in late 2027 and continue through the second quarter of 20281. Guaranteed maximum pricing is being set as engineering and procurement advance. TeraWulf has separately expanded contracted power capacity at its Muskie Data Campus in eastern Kentucky to 1 GW.
Google's credit support is designed to strengthen TeraWulf's ability to secure competitive project financing for the contracted AI infrastructure at the Hawesville site. TeraWulf described the combined agreements as advancing its strategy of converting long-term contracted demand into durable cash flow.
ANALYSIS The structure is notable for the role Google plays: rather than building or leasing the facility itself, Alphabet is lending its credit standing to a third-party developer so that developer can finance capacity leased to Anthropic, a company Google has separately invested in. The arrangement effectively triangulates Google's creditworthiness, TeraWulf's development capability, and Anthropic's compute demand into a single project-finance vehicle.