TeraWulf secured credit support from Google for anticipated debt financing tied to about $19 billion in long-term lease commitments with Anthropic at its Justified Data Campus in Hawesville, Kentucky. The leases cover about 401 megawatts of critical IT capacity for high-performance computing, with delivery expected in phases from late 2027 through the second quarter of 2028. TeraWulf also signed a definitive, guaranteed-maximum-price engineering, procurement and construction agreement with Fluor for three data center buildings, covering work through testing and commissioning and setting delivery milestones, cost reporting and performance protections. The company said the agreements strengthen the project’s financing and construction framework.
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No right coverage yet — a bubble gap.
Google stepping in with credit support reduces risk for TeraWulf yet the 2028 timeline still feels tight.
Kentucky stands to gain from the construction jobs but those power needs for three buildings could strain the grid.
This scale of financing for Anthropic shows how critical data center capacity has become for major AI players.