TeraWulf said on November 4 that Google had signed three credit-support agreements connected to Anthropic leases at the planned Justified Data Campus in Hawesville, Kentucky. The agreements cover the campus’s three data halls and are intended to support financing for the project.
The underlying leases were signed in July and cover about 401 megawatts of critical IT load for 20 years. TeraWulf expects the halls to be delivered in phases from late 2027 through the second quarter of 2028, with rent beginning as each hall is delivered. The approximately $19 billion cited by TeraWulf is the value of contracted lease commitments over time, not a new financing round.
The SEC filing describes conditional credit support that takes effect when the final hall under the relevant lease commences. It can end if Anthropic or a qualifying affiliate maintains specified investment-grade ratings for at least three months. After a tenant payment default or insolvency, Google has contractual options to cover rent and assume the lease or, in specified circumstances, pay a termination fee linked to an equity interest in Raylan, the project company. This is not an unconditional injection of cash.
Separately, TeraWulf and Fluor signed a definitive engineering, procurement and construction agreement covering three buildings. Fluor said it expects to recognize the award in the fourth quarter after pricing for the first two buildings is finalized; TeraWulf said guaranteed maximum pricing is being established as engineering and procurement proceed. Early works have begun, but neither announcement provides a final total construction price. Fluor also says its exposure to cost overruns is limited to a percentage of its profit.
Together, the credit support and expanded construction scope mark financing and procurement steps for a large AI-compute campus. The project is not yet operating, and the disclosed schedule, financing and cost remain forward-looking. TeraWulf also flagged the availability and cost of power and electrical infrastructure among the risks to its plans.