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← Terawulf
Wed, Nov 4, 2026

TeraWulf secures Google credit backstop and Fluor EPC agreement

Source document ↗

Analysis

This is positive news: Google's investment-grade-backed credit support should lower TeraWulf's financing costs on the roughly $19 billion of Anthropic lease commitments, while the definitive, GMP-basis Fluor EPC agreement reduces execution risk on the Hawesville buildout with defined delivery milestones through Q2 2028.

Key points

  • TeraWulf entered three Credit Support Agreements with Google, Anthropic and Raylan Data LLC covering the CB-1, CB-2 and CB-3 leases at the Justified Data Campus in Hawesville, Kentucky.
  • Google will backstop Anthropic's lease obligations, strengthening TeraWulf's ability to secure competitive project debt financing for roughly $19 billion of contracted Anthropic lease commitments.
  • The Google backstop becomes effective once the final data hall under each lease commences, and terminates once Anthropic (or a guaranteeing affiliate) holds investment-grade ratings for at least three months.
  • On a payment default or Anthropic insolvency event, Google may pay rent and assume the lease, or pay a termination fee and receive an equity interest in Raylan.
  • TeraWulf also executed a definitive, GMP-basis EPC agreement with Fluor Enterprises covering engineering, procurement and construction for the three Justified data center buildings, building on Fluor's March 2026 limited notice to proceed.
  • Phased ready-for-service completions under the EPC schedule are expected to begin in late 2027 and continue through the second quarter of 2028.
  • In connection with the Google backstop, Raylan and Anthropic entered into amendments to the Justified leases.

Site update

SiteStatusActiveIn buildTheoretical
JustifiedHawesville, KY

Definitive GMP-basis EPC agreement executed with Fluor Enterprises for the three Justified data center buildings (CB-1/CB-2/CB-3), building on the March 2026 limited notice to proceed. Phased ready-for-service completions expected late 2027 through Q2 2028. Google Credit Support Agreements also entered with Anthropic to backstop the Justified leases and support project debt financing.

Under construction0 MW—480 MWgross