Google Backstops $19 Billion Anthropic Leases at TeraWulf Kentucky Campus

TeraWulf (WULF) disclosed on November 4 that Google LLC, a subsidiary of Alphabet (GOOGL), signed three credit support agreements covering Anthropic's leases at the Justified Data Campus in Hawesville, Kentucky. The 20-year leases span about 401 megawatts of critical IT load across three buildings, with contracted commitments of about $19 billion over the initial term.

The backstop does not take effect until the last data hall under each lease reaches its commencement date, with phased delivery expected from late 2027 through the second quarter of 2028, according to the company. If Anthropic defaults before then, construction-period tenant risk stays with TeraWulf and its lenders.

TeraWulf also announced a definitive engineering, procurement and construction agreement with Fluor Enterprises for three data center buildings at the campus, expanding on a limited notice to proceed signed in March 2026. The contract runs on a maximum price basis, with the price still being set as engineering and procurement progress. Fluor will handle engineering, procurement, construction, testing and commissioning, with defined delivery milestones and open-book cost reporting.

Alphabet's senior unsecured debt is rated AA+ by S&P Global Ratings and Aa2 by Moody's. If Anthropic defaults once the backstop is live, Google can assume the lease and pay rent, or reject it and pay a termination fee.

Paul Prager, TeraWulf's chairman and chief executive, said the company structured the Anthropic leases from the outset to address counterparty credit, financing costs and capital requirements. The campus reuses transmission at the former Century Aluminum Hawesville facility, and Kentucky regulators approved up to 482 megawatts of electric service in August 2026.

The company's third-quarter 2026 report is scheduled for November 6.