Overview
- TeraWulf disclosed on Wednesday, Nov. 4, 2026 that Google LLC has signed credit support agreements tied to debt financing for the Justified Data Campus, underwriting some of Anthropic’s lease-related obligations that underpin roughly $19 billion in contracted revenue.
- The company simultaneously executed a definitive guaranteed-maximum-price EPC with Fluor to build three data center buildings, with phased ready-for-service milestones starting in late 2027 and continuing into the second quarter of 2028.
- The Google guarantee covers only part of Anthropic’s obligations, so lenders will still need to review the exact legal scope before pricing long-term debt and the limit creates a remaining financing risk for TeraWulf.
- The combination of Google’s investment-grade backstop and Fluor’s GMP structure is designed to lower borrowing costs by making the revenue stream more bankable and to shift cost-overrun risk to the contractor, though multi-year construction and supply and labor constraints keep execution risk.
- The move underscores TeraWulf’s shift from bitcoin mining to building power-backed AI and HPC campuses, builds on Google’s prior backstops for Anthropic projects, and could speed financing and local construction jobs if lenders accept the guarantee’s scope.