TeraWulf Secures Google Credit Support for Anthropic Data Center Leases
17 sourcesUpdated Nov 4, 20261 min read
Cost of capital is fundamental to infrastructure development, said Patrick Fleury, TeraWulf chief financial officer, as the company secured Google credit support for debt financing tied to about $19 billion in Anthropic leases at the Justified Data Campus in Hawesville, Kentucky. The leases cover about 401 megawatts of critical IT capacity, with phased delivery from late 2027 through Q2 2028. TeraWulf signed a definitive guaranteed-maximum-price EPC agreement with Fluor Enterprises for three data center buildings, building on a March 2026 limited notice to proceed. CEO Paul Prager said Google's support and Fluor's capabilities strengthen financing and execution at scale. The site is a former Century Aluminum smelter; Kentucky regulators approved up to 482 megawatts of electric service. An August estimate put development and initial data halls at $4 billion to $4.5 billion, excluding customer equipment, and the delivery timeline now extends past that August forecast. Google already provides credit support at TeraWulf's Lake Mariner campus in New York, where $600 million became effective after a building delivery. TeraWulf also disclosed expanded power capacity at its Muskie Data Campus. The firm did not disclose the amount or duration of the new Google support.
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No right coverage yet — a bubble gap.
Google stepping in with credit support reduces risk for TeraWulf yet the 2028 timeline still feels tight.
Kentucky stands to gain from the construction jobs but those power needs for three buildings could strain the grid.
This scale of financing for Anthropic shows how critical data center capacity has become for major AI players.
