Fluor wins EPC contract for TeraWulf's $4 billion Kentucky campus

Fluor won the definitive engineering, procurement and construction contract for three buildings at TeraWulf's $4 billion Justified Data Campus in Hawesville, Kentucky, the companies said in Nov. 4 releases.

Contract value was not disclosed, but early construction work has already started on site, ahead of settled pricing on the first two buildings. Fluor held a limited notice to proceed in March covering master planning and preconstruction. The definitive contract adds testing and commissioning, TeraWulf said in a separate Nov. 4 release. Fluor expects to recognize the award in the fourth quarter, once it finalizes pricing for the first two buildings.

For investors underwriting the campus, the step from a preconstruction notice to a definitive contract commits Fluor through commissioning and sets a phased completion calendar. Until Fluor sets pricing for the first two buildings, an allocator can compare the campus with others on schedule and power, but not on construction cost per building.

Kentucky utility regulators approved an electric-service agreement for the campus in August, Engineering News-Record reported. TeraWulf also secured credit support from Google for debt financing at the site. Anthropic holds about $19 billion in contracted lease commitments there, as Private Infrastructure Daily covered on Nov. 5.

"Fluor gives us the ability to scale execution without building a global engineering and construction organization internally," said Paul Prager, chairman and chief executive of TeraWulf.

TeraWulf expects ready-for-service completions to be phased from late 2027 through the second quarter of 2028, according to its release.