Google has agreed to guarantee some of Anthropic’s obligations to TeraWulf, providing credit support for a lease worth around $19 billion at TeraWulf’s Justified Data Campus in Hawesville, Kentucky.
TeraWulf disclosed the credit support agreements with Google LLC on November 4, 2026. The backing underpins approximately $19 billion in lease commitments from Anthropic PBC under a 20-year agreement.
Scope of Google’s support
The guarantee covers some, but not all, of Anthropic’s obligations to TeraWulf. The precise scope of Google’s backstop was not detailed in the announcement.
The campus is designed to deliver approximately 401 MW of critical IT load capacity, which measures the power that goes directly to servers and computing equipment rather than to cooling or lighting.
TeraWulf CEO Paul Prager said the Google arrangement strengthens the company’s ability to secure competitive financing for the project. He also cited expanded execution capacity through a new construction partnership.
Fluor to build data center buildings
Alongside the Google news, TeraWulf finalized a definitive engineering, procurement, and construction agreement with Fluor Enterprises, Inc. The contract is structured on a guaranteed maximum price basis, capping what the owner pays and generally requiring the contractor to absorb overruns beyond that ceiling.
Fluor will build three data center buildings at the site. Phased readiness is anticipated from late 2027 through the second quarter of 2028.
TeraWulf said the Fluor agreement boosts its construction capacity and helps keep project milestones on track.
Background on the lease
The financing news builds on a lease TeraWulf announced in July 2026. That Anthropic deal is projected to generate around $19 billion in revenue over its term.
Google has provided similar financial backstops for other Anthropic-related projects. Those prior arrangements have helped finance more than 2 GW of capacity in total.
TeraWulf has also expanded its contracted power capacity to 1 GW at its Muskie campus in Kentucky.
The company has been shifting away from traditional Bitcoin mining toward high-performance computing and AI data centers.
What it means
For TeraWulf shareholders, the Google guarantee changes the risk profile of the $19 billion lease. Having Google partially stand behind Anthropic’s payments could make the revenue stream appear more stable to lenders and investors.
The financing angle is central. Data center construction is capital intensive, and borrowing costs can significantly affect project economics over a 20-year horizon. If Google’s backing lowers TeraWulf’s borrowing costs, the margin on contracted revenue improves even if the headline lease value remains the same.
Execution risk remains, with phased delivery stretching from late 2027 into the second quarter of 2028. The guarantee covers only some of Anthropic’s obligations, so the precise scope of Google’s backstop matters.
For Anthropic, the arrangement secures a large block of dedicated capacity without carrying the full balance sheet weight alone. For Google, it deepens ties with an AI company whose compute needs keep growing. For TeraWulf, it marks another step away from its mining roots.
