TeraWulf Inc. has secured credit support from Google LLC for its roughly $19 billion, 20-year lease with Anthropic at the Justified Data Campus in Hawesville, Kentucky. The arrangement, disclosed in a Form 8-K filed with the Securities and Exchange Commission on November 4, 2026, is designed to strengthen the former bitcoin miner’s ability to obtain project financing for the artificial-intelligence infrastructure build-out.

Under the agreements, Google, a subsidiary of Alphabet Inc., will backstop certain of Anthropic’s payment obligations under the leases covering approximately 401 megawatts of critical IT load across three buildings. Alphabet’s senior unsecured debt carries ratings of AA+ from S&P Global Ratings and Aa2 from Moody’s. The support becomes effective upon delivery of the final data hall in each leased section and is intended to help TeraWulf raise long-term debt on more competitive terms.

Structure of the Credit Support

The credit support agreements involve five parties: Raylan Data LLC, the special-purpose landlord subsidiary; TeraWulf as guarantor of the landlord’s obligations; Justified DataPower LLC, the land owner; Anthropic as tenant; and Google. If Anthropic fails to pay rent or enters insolvency proceedings, the landlord must notify Google before terminating the lease. Google then has a 30-day period to choose one of two paths.

Google may assume the lease through a novation agreement, stepping into Anthropic’s position as tenant and paying current rents. Alternatively, under specified conditions, it may pay a termination fee sized to the project debt associated with the relevant buildings. That fee is paid into an account for the benefit of project lenders. Upon payment, Google becomes entitled to an ownership stake in Raylan Data equal to the ratio of the fee paid to the total development and construction cost of the facility, including land, infrastructure, equipment and financing.

For the first six years after the support takes effect, Google is generally required to assume the lease rather than terminate it. An exception applies if an “Equipment Capacity Trigger” occurs, defined as the point when TPU Pods installed in the buildings are capable of consuming less than 50 percent of the tenant’s critical power. The agreements also grant Google cure rights: it may pay amounts owed by Anthropic, which must then reimburse Google at a 5 percent premium. Google is under no obligation to exercise those rights.

The support terminates if Anthropic, a parent or a subsidiary obtains and maintains an investment-grade credit rating from S&P, Fitch or Moody’s for at least three consecutive months and, within 30 days, issues a full guarantee of the lease acceptable to the landlord. Google’s maximum exposure under the arrangements has not been disclosed.

Project Timeline and Construction Contract

The underlying lease was signed on July 3, 2026. Capacity deliveries are scheduled to begin in the second half of 2027 and continue through the second quarter of 2028. Expected contractual revenue over the initial 20-year term is approximately $19 billion. Anthropic holds options for two successive five-year extensions that could increase total contracted revenue.

On the same day as the credit-support announcement, TeraWulf executed a definitive engineering, procurement and construction agreement with Fluor Enterprises covering the three Justified buildings. The contract converts an earlier limited notice to proceed into a full guaranteed-maximum-price arrangement that includes engineering, procurement, construction, testing and commissioning, with defined delivery milestones and open-book cost reporting. The guaranteed maximum price remains subject to finalization as detailed engineering and procurement advance. First ready-for-service deliveries are targeted for the end of 2027.

TeraWulf has said the Fluor agreement allows it to scale construction without building a large internal engineering and construction organization. The company continues to develop additional capacity elsewhere, including the Muskie campus in eastern Kentucky, which has reached 1 gigawatt of contracted electrical capacity, and conversion of part of its Lake Mariner facility in New York from mining to high-performance computing.

Context of Prior Arrangements

Google previously provided credit support for TeraWulf’s hosting contracts with FluidStack at the Lake Mariner campus and for a similar arrangement with Cipher Mining. In those 2025 transactions, TeraWulf issued warrants that gave Google a potential equity stake of roughly 8 percent in the parent company. The current Kentucky agreements contain no warrants and no fees payable to Google.

The difference indicates a shift in the commercial relationship. Google is acting primarily as credit enhancer for Anthropic’s long-term computing needs rather than as a direct equity investor in TeraWulf. Any ownership interest Google might acquire would be limited to the Raylan Data project subsidiary and would arise only in the event of an Anthropic default and Google’s election or contractual obligation to step in.

Market reaction on the day of the announcement was muted. TeraWulf shares closed approximately 4 percent lower in a broadly weaker session for the sector. The company still needs to complete project financing, and capacity and delivery dates remain subject to the usual construction, financing and commissioning risks associated with a multi-hundred-megawatt data-center development.