TeraWulf secures Google credit backstop for Anthropic leases in Kentucky

TeraWulf entered into three credit support agreements on November 4, 2026, covering buildings CB-1, CB-2 and CB-3 at its data center campus in Hawesville, Kentucky. The subsidiaries Raylan Data LLC and Justified DataPower LLC are parties, along with Anthropic and Google LLC. Under the agreements, Google agreed to backstop certain obligations of Anthropic under the leases for those buildings. Raylan leased about 401 MW of IT load to Anthropic under a 20-year lease signed in July 2026.

The backstop takes effect on the commencement date for the final data hall under each lease. It terminates upon conditions in the agreements, including Anthropic, or an affiliate that agreed to guarantee its lease obligations, achieving and maintaining certain investment grade credit ratings for at least three months. Google LLC is a subsidiary of Alphabet Inc., whose senior unsecured debt is rated AA+ by S&P Global Ratings and Aa2 by Moody's.

If Anthropic defaults on rent, or becomes subject to an insolvency event, Google has the option, after notice from Raylan, to pay all rent currently due and assume the lease, or under certain circumstances pay a termination fee. Under the agreements, paying that fee entitles Google to acquire an equity interest in Raylan. Raylan and Anthropic also entered into amendments to the leases on November 4, 2026, in connection with the backstop.

TeraWulf also executed a definitive engineering, procurement and construction agreement with Fluor Enterprises, Inc. covering three data center buildings at the campus, on a guaranteed maximum price basis. The agreement follows a limited notice to proceed announced in March 2026 and extends Fluor's role from early engineering to engineering, procurement, construction, testing and commissioning. Guaranteed maximum pricing is being established as engineering and procurement progress.

The company said phased ready-for-service completions are expected to begin in late 2027 and continue through the second quarter of 2028. Chairman and Chief Executive Officer Paul Prager said Fluor gives the company the ability to scale execution without building a global engineering and construction organization internally.