Key insights
- TeraWulf has secured credit support from Google for debt financing related to $19 billion in contracted lease commitments with Anthropic. This, along with a guaranteed maximum price construction agreement with Fluor, strengthens TeraWulf's ability to secure competitive project financing and execute large-scale development for AI and high-performance computing workloads. The news positively impacts TeraWulf's financing profile and execution capabilities.
EASTON, Md. - TeraWulf Inc. (NASDAQ:WULF) announced Wednesday it has executed credit support agreements with Google LLC for debt financing related to approximately $19 billion of contracted lease commitments with Anthropic, PBC at its Justified Data Campus in Hawesville, Kentucky.
The credit support comes from Google LLC, a subsidiary of Alphabet Inc., whose senior unsecured debt carries ratings of AA+ from S&P Global Ratings and Aa2 from Moody’s, according to a press release statement.
TeraWulf also signed a definitive engineering, procurement and construction agreement with Fluor Enterprises, Inc. on a guaranteed maximum price basis for development of the Justified campus. The agreement covers three data center buildings and establishes defined delivery milestones, open-book cost reporting and contractual performance protections.
The Fluor agreement builds on a limited notice to proceed announced in March 2026. Phased ready-for-service completions are expected to begin in late 2027 and continue through the second quarter of 2028.
"Google’s credit support strengthens our ability to secure competitive project financing, while Fluor’s engineering and construction capabilities expand our capacity to execute at scale," said Paul Prager, chairman and chief executive officer of TeraWulf.
Patrick Fleury, chief financial officer, said the investment-grade credit support "strengthens the project’s financing profile and our ability to pursue competitive long-term debt."
The company recently expanded contracted power capacity to 1 gigawatt at its Muskie Data Campus in eastern Kentucky. TeraWulf develops and operates digital infrastructure for high-performance computing and artificial intelligence workloads, operating the Lake Mariner Data Campus in New York and developing additional campuses in Kentucky, New York and Maryland.
The agreements are part of TeraWulf’s strategy to convert long-term contracted demand into cash flow through infrastructure development backed by power access and customer commitments.
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