Alphabet’s Google has agreed to provide credit support for financing tied to a planned TeraWulf data center in Kentucky, strengthening the financial backing behind a 20-year lease with Anthropic that is expected to generate about $19 billion in contracted revenue.
TeraWulf Inc. disclosed the agreements with Google LLC on Wednesday, November 4, 2026. The arrangements concern the Justified Data Campus in Hawesville, Kentucky, a project designed to provide approximately 401 megawatts of critical IT load for artificial-intelligence computing. The measure refers to electricity delivered directly to servers and computing equipment rather than power used for cooling or lighting.
The support is linked to some of Anthropic’s obligations under the lease. By placing Google’s credit behind the financing, TeraWulf is seeking to make the project more acceptable to lenders as it raises the capital needed to complete the campus. The company has been moving away from its origins in bitcoin mining and toward data-center infrastructure for AI workloads.
“investment-grade” credit support
TeraWulf said the arrangement should help it pursue competitive financing for the buildout. The company also expanded its execution arrangements for the project, adding a definitive engineering, procurement and construction agreement with Fluor Enterprises, Inc.
Construction plan takes shape
Under the Fluor agreement, the contractor will design, source equipment for and construct three data-center buildings at the Kentucky site. The contract uses a guaranteed maximum price structure, which establishes a ceiling for the owner’s payment and generally assigns cost overruns beyond that limit to the contractor, subject to the terms of the agreement.
TeraWulf said phased readiness for the campus is anticipated from late 2027 through the second quarter of 2028. The company has separately targeted initial capacity for the second half of 2027. The project’s scale and timeline reflect the large upfront requirements of AI infrastructure, including power connections, land, server-ready buildings and construction financing.
| Project detail | Reported terms |
|---|---|
| Location | Hawesville, Kentucky |
| Customer | Anthropic PBC |
| Lease | 20 years |
| Contracted revenue | About $19 billion |
| Planned critical IT load | Approximately 401 MW |
| Construction contractor | Fluor Enterprises, Inc. |
Google’s role in the financing
Long-term data-center leases can provide visibility into future revenue, but lenders still assess whether a developer can raise enough money and finish construction on schedule. Google’s credit support gives banks additional backing beyond TeraWulf’s own balance sheet and the Anthropic lease commitments.
That structure may allow the project to seek longer-term loans and financing costs more closely associated with a borrower supported by a highly rated technology company. It also distinguishes TeraWulf’s Kentucky development from data-center projects that must rely solely on their own credit profile, customer contracts and equity financing. TeraWulf’s agreement with Fluor adds a defined construction partner as the company moves from announcing the project toward execution.
