TeraWulf Links Google Support to Anthropic Contracts Worth $19 Billion
Key Facts
TeraWulf announced credit support agreements with Google on November 4, linked to expected debt financing for Anthropic lease obligations of about $19 billion at the Justified project. The company said the support backs contracted lease obligations, while it also entered into a definitive engineering, procurement and construction agreement with Fluor. The announcement comes as a data center campus in Hawesville, Kentucky, is being developed to serve a long-term lease with Anthropic. Contracted capacity totals about 401 megawatts of critical IT load under a 20-year agreement. The announcement updates the project's financing and execution, while rent obligations begin only as data halls are delivered.
The original lease agreement between Raylan, a TeraWulf subsidiary, and Anthropic dates to July 2026, according to the company's filing with the U.S. Securities and Exchange Commission. The contract covers about 401 megawatts of critical IT load at the Justified campus and runs for 20 years. The November 4 announcement focused on Google's credit support for expected debt financing and the construction agreement with Fluor. TeraWulf describes the contracted lease obligations as totaling about $19 billion. Its chief executive said Google's support "strengthens our ability to secure project financing on competitive terms," referring to the support's role in the financing process.
Google's support covers certain Anthropic obligations under the Justified contracts and begins on the operating date of the final hall under the relevant lease, according to the filing. The filing also lists conditions under which the support may terminate, including Anthropic achieving and maintaining investment-grade credit ratings for at least 3 months. The announcement describes the support as contractual credit backing for expected debt financing, not financing that has already closed. The financing arrangements are intended to support project development, while the timing of obligations remains tied to construction and delivery milestones. The chief executive said the Fluor agreement "expands our ability to execute," linking available financing with the site's construction plan.
The expected schedule calls for Justified capacity deliveries to begin in late 2027 and be completed in the second quarter of 2028. Rent begins when each data hall is delivered, according to TeraWulf's filing, tying the start of revenue under the contract to actual delivery dates. The Fluor agreement covers engineering, procurement and construction for three buildings at the project. The company expects phased completions ready for service from late 2027 through the second quarter of 2028. Infrastructure execution is therefore spread across the same period the company set for delivery of the contracted capacity.
Previously reported second-quarter results provide context on the company's revenue mix before Justified deliveries begin. TeraWulf reported total revenue of $44.8 million in the second quarter of 2026, including $31.9 million from high-performance computing leases, equivalent to about 71% of the total. At the existing Lake Mariner site, revenue-generating critical IT capacity stood at 81 megawatts on June 30, then rose to 102 megawatts after CB-3 was delivered in early July. The company said that delivery met the conditions for $600 million in Google credit support for Fluidstack contract obligations. By its third-quarter results, the company reported that Lake Mariner had 102 megawatts available, with an additional 336 megawatts under construction within its cost guidance.
In its third-quarter operational update, TeraWulf said contracted power at the Muskie campus had expanded to 1 gigawatt. It also reaffirmed its target of contracting annually for 250 to 500 megawatts of additional critical IT capacity. That places the Justified agreement within a broader plan to increase leased data center capacity, alongside existing operations at Lake Mariner. In its second-quarter results, the company had said Anthropic contract revenue could reach about $33 billion if Anthropic exercised its extension options, each for 5 years. The chief executive described the deal at the time as a transition from platform formation to execution at scale.
TeraWulf published its third-quarter results on November 6 and scheduled its earnings call for the same day at 8:00 a.m. Eastern time. The results showed that Lake Mariner had 102 megawatts of available capacity and another 336 megawatts under construction. The update also covered the expansion of contracted power at Muskie and the annual target for additional capacity. The company's stock traded at $10.08 on November 5, according to EL7 data. The announced execution timeline for the Justified project remains from late 2027 through the second quarter of 2028.