TeraWulf secures Google credit backing for campus tied to $19 billion in Anthropic leases

TeraWulf’s Kentucky campus for Anthropic now has Google credit support behind its anticipated project borrowing and a definitive construction agreement covering three buildings. Announced November 4, 2026, the agreements advance a development tied to approximately $19 billion in contracted Anthropic leases, with the first buildings expected to be ready for service in late 2027.

The Justified Data Campus is in Hawesville, Kentucky. TeraWulf develops and operates the underlying infrastructure rather than investing in AI computing hardware itself. Its business pairs long-term access to land, power and grid connections with customer leases, making financing and construction central to turning contracted demand into operating facilities.

Credit support, not a $19 billion loan

Under the agreements, Google provides contractual credit support for anticipated debt financing supporting Justified’s long-term development. The approximately $19 billion figure describes Anthropic’s contracted lease commitments—not the amount of a new Google loan or investment. The project borrowing remains anticipated, rather than financing that TeraWulf has announced as closed.

TeraWulf says Google’s backing strengthens its ability to obtain competitively priced, long-term debt. Chief Financial Officer Patrick Fleury identified the cost of capital as fundamental to infrastructure development, presenting the support as a way to improve the project’s financing profile rather than as a completed funding transaction.

The company pointed to the credit standing of Google’s parent, Alphabet: its senior unsecured debt carries AA+ ratings from S&P Global Ratings and Aa2 from Moody’s. Those are Alphabet’s ratings, not newly assigned ratings for Justified’s anticipated project debt. Google LLC is the party providing the contractual support.

Fluor moves beyond early engineering

The definitive agreement with Fluor builds on a limited notice to proceed announced in March 2026. It moves the contractor beyond early engineering and pre-construction into a broader assignment: engineering, purchasing equipment and materials, construction, testing and commissioning—the checks needed to prepare the buildings for service.

TeraWulf described the contract as being on a guaranteed-maximum-price basis, but that pricing is still being established as engineering and procurement advance. The signed agreement therefore sets out the construction framework without establishing a finished maximum price at this stage. It also includes several specific controls over delivery and spending:

• Defined delivery milestones and contractual performance protections.
• Open-book cost reporting and oversight of procurement.

Chief Executive Paul Prager said Fluor lets TeraWulf scale construction without building a global engineering and construction organization internally. The arrangement adds Fluor’s engineering resources, purchasing capabilities and network of subcontractors and skilled workers to TeraWulf’s core development team. TeraWulf identified labor availability as an increasingly important constraint on large data-center projects.

The milestone schedule calls for phased ready-for-service completions beginning in late 2027 and continuing through the second quarter of 2028. That is a delivery forecast, not capacity available today. The buildings are expected to enter service in stages rather than through a single opening of the entire three-building development.

Execution still carries risks beyond securing customer commitments. TeraWulf’s announcement identifies timely financing on acceptable terms, construction schedules and costs, and the availability and cost of power and electrical equipment among its risks. Google’s credit support and Fluor’s contract address financing and construction, but the campus still has to be funded and delivered.