TeraWulf said on 4 November it had secured Google’s credit backstop for planned financing of its Kentucky data centre campus, whose 20-year Anthropic lease is expected to bring in about $19 billion in contracted revenue, Reuters reported. The agreement supports TeraWulf’s effort to fund construction at the Hawesville site, where it plans to lease infrastructure to Anthropic.
Key points
- Google’s support relates to anticipated debt financing. The approximately $19 billion figure describes Anthropic’s lease commitments, not the backstop.
- TeraWulf signed a construction agreement with Fluor Enterprises for three buildings at its Justified Data Campus in Hawesville, Kentucky.
- The campus is expected to provide about 401 megawatts of power for computing equipment, with phased delivery scheduled through the second quarter of 2028.
Google backs planned Kentucky borrowing
TeraWulf signed the Anthropic lease in July as it shifted from bitcoin mining towards supplying AI infrastructure. The developer expects the Hawesville campus to support about 401 megawatts of critical IT load — the power available to computing equipment. Its initial capacity is expected to come online in the second half of 2027.
The approximately $19 billion is the value of contracted lease commitments, rather than the amount of Google’s support, The Miner Mag reported. The agreements concern financing TeraWulf plans to arrange, rather than a completed borrowing.
Patrick Fleury, TeraWulf’s chief financial officer, said Google’s investment-grade credit support strengthened the project’s financing profile and the company’s ability to seek competitive long-term debt. Alphabet, Google’s parent, has senior unsecured debt ratings of AA+ from S&P Global Ratings and Aa2 from Moody’s, StreetInsider reported from a TeraWulf press release.
The Hawesville arrangement follows Google’s credit support for Fluidstack’s lease obligations at TeraWulf’s Lake Mariner campus in New York. TeraWulf said in August that delivery of a building there had met the conditions for $600 million of that support to become effective. At the Kentucky site, TeraWulf estimated in August that site development and initial data halls would require $4 billion to $4.5 billion, excluding customers’ computing equipment and related infrastructure.
Kentucky campus moves into construction
The Justified Data Campus is being developed on a former Century Aluminum smelter site with existing transmission infrastructure. Kentucky regulators approved an agreement supporting up to 482 megawatts of electric service there. That service agreement and the planned 401 megawatts of critical IT load describe different measures of the campus’s capacity.
TeraWulf also signed a definitive engineering, procurement and construction agreement with Fluor Enterprises for three data centre buildings. The contract expands work that began under a limited notice to proceed announced in March 2026. Fluor’s scope covers engineering, procurement, construction, testing and commissioning, with delivery milestones, open-book cost reporting, procurement oversight and contractual performance protections.
The contract uses a guaranteed maximum price framework, with pricing being established as engineering and procurement progress. TeraWulf’s leasing business generated $31.9 million, or about 71%, of its $44.8 million in second-quarter revenue.
Fluor’s schedule calls for the first phases to be ready for service in late 2027 and for phased completions to continue through the second quarter of 2028. TeraWulf’s August forecast anticipated initial delivery in the second half of 2027 and completion of the remaining capacity in the opening months of 2028.
