Google backs TeraWulf financing for Anthropic data center

Data-center developer TeraWulf said on 4 November that it had secured a credit backstop from Google’s parent Alphabet’s subsidiary Google to support financing for its Anthropic project in Hawesville, Kentucky. TeraWulf also announced an expanded construction agreement with Fluor Enterprises, according to CNA’s account.

The backstop follows a separate lease signed in July 2026, under which Anthropic will lease data-center infrastructure from TeraWulf for 20 years. The lease is expected to generate about $19 billion in contracted revenue for TeraWulf.

Support for planned borrowing

TeraWulf said Google’s contractual credit support backs debt financing the company anticipates seeking for the long-term development. The agreement does not establish that the project debt has been secured. The announcement and the CNA account do not disclose the backstop’s value, the events that would trigger it or its detailed obligations.

TeraWulf Chief Financial Officer Patrick Fleury said the investment-grade credit support strengthens the project’s financing profile and the company’s ability to pursue competitive long-term debt.

Construction and delivery

TeraWulf said the agreement with engineering and construction firm Fluor covers 3 data-center buildings. It expands Fluor’s work from early engineering and pre-construction to include procurement, construction, testing and commissioning, following a limited notice to proceed announced in March 2026.

The agreement sets delivery milestones and provides for open-book cost reporting, purchasing oversight and contractual performance protections, TeraWulf said. A guaranteed maximum price is being established as engineering and purchasing progress.

The campus is planned to support about 401 megawatts of critical computing equipment load, with initial capacity expected online in the second half of 2027. TeraWulf’s construction schedule anticipates buildings becoming ready for service in phases from late 2027 through the second quarter of 2028.