TeraWulf (NASDAQ: WULF) has secured credit support from Google to help finance $19 billion in lease commitments from Anthropic at its Justified campus in Hawesville, Kentucky. The arrangement is aimed at lowering borrowing costs for one of the bitcoin mining sector's largest bets on AI infrastructure.

Google's investment-grade name behind the debt

Under the credit support agreements, Google LLC, a subsidiary of Alphabet, will stand behind debt that TeraWulf intends to raise for the Justified development. In a credit backstop, lenders effectively underwrite the guarantor's balance sheet rather than the borrower's alone, so the guarantor's rating largely determines the interest rate the project can access. Alphabet's senior unsecured debt carries an AA+ rating from S&P Global and an Aa2 rating from Moody's, placing it near the top of the corporate credit scale.

Patrick Fleury, TeraWulf's chief financial officer, tied the arrangement to pricing in the company announcement, saying, "Cost of capital is fundamental to infrastructure development." Fleury added that investment-grade support "strengthens the project's financing profile" and the company's ability to pursue cheaper long-term debt.

The structure was designed into the lease from day one. A July analysis by Rittenhouse Research showed that the original terms allowed Nvidia, Amazon, or Google to backstop Anthropic's rent unless Anthropic secured its own investment-grade rating before the financing closed. Of that group, Google is the one now filling the role.

Fluor takes over construction at Justified

The Google agreement was not the only announcement TeraWulf made on Wednesday, November 4. The company also executed an engineering, procurement and construction agreement with Fluor Enterprises covering three data center buildings at Justified. EPC agreements bundle engineering, procurement and construction under a single contractor, concentrating delivery responsibility and schedule risk with one counterparty.

Labor supply has been one of the challenges facing hyperscale projects. TeraWulf acknowledged the issue and noted that Fluor's subcontractor network and access to skilled labor address it — capabilities the agreement secures for the company.

A direct tenant, not a middleman

The Justified deal looks different from TeraWulf's first large AI commitment. At its Lake Mariner campus in New York, AI cloud firm Fluidstack is the named tenant, with Google backstopping Fluidstack's lease obligations. That support went up to $3.3 billion in 2025, with Google taking warrants equal to about 14% of TeraWulf. Google also supported the company's Abernathy, Texas joint venture, though TeraWulf has since sold its stake in that project to a Fluidstack-led group. Google's balance sheet has become a recurring feature of TeraWulf's AI financing.

At Justified, Anthropic is the direct counterparty. A direct lease shortens the credit chain: rent flows straight from Anthropic to TeraWulf, with the backstop attached to the tenant's own obligations rather than routed through an intermediary. TeraWulf signed the 20-year lease in July, covering about 401 megawatts of critical IT load and an estimated $19 billion in contracted revenue — a figure that can reach $33 billion if Anthropic exercises two five-year extensions. First services are slated for the second half of 2027, with full capacity due in early 2028.

From mining rigs to contracted power

Earlier this year, TeraWulf acquired the Hawesville property, a former Century Aluminum smelting site, for $200 million. Sites like this are sought after in the AI buildout because heavy industrial operations typically leave behind high-capacity electrical infrastructure that greenfield campuses can take years to secure. Like many miners, the company has pivoted toward providing AI, power and high-performance computing services, now focused on long-term leases and the energy assets that power them. TeraWulf's high-performance computing leases supplied about 71% of its $44.8 million in revenue — more than it earned from what remains of its bitcoin-mining business.

The financing for Justified comes as TeraWulf continues to expand its pipeline. The company recently increased contracted power at its Muskie campus in eastern Kentucky to 1 gigawatt.

The next focus is delivery. The $19 billion depends on capacity coming online through 2028 and on Anthropic honoring its two-decade commitment. Between now and then, the markers to follow are the terms of the debt TeraWulf raises under Google's backstop, Fluor's progress on the three buildings against the 2027–2028 delivery timeline, and whether Anthropic exercises its extension options.