Google backstops TeraWulf's 480MW Anthropic data center financing

TeraWulf secured Google as a credit backstop for the financing behind its Justified Data Campus in Hawesville, Kentucky, a 480MW project leased to Anthropic under a $19 billion, 20-year deal.

Under the credit support agreement, Google will backstop the anticipated debt financing TeraWulf needs to develop the project and would take responsibility for the debt should the developer default. Google's senior unsecured debt is rated AA+ by S&P Global Ratings and Aa2 by Moody's. Data Center Dynamics first reported the agreement. Reports in July 2026 said TeraWulf was seeking $3.5 billion of debt for the campus.

Lenders will underwrite the construction loan against Google's balance sheet instead of TeraWulf's, while the 20-year Anthropic lease supplies the revenue. TeraWulf said the support lowers its cost of borrowing. The financing Google would backstop has not yet been raised.

“We structured our Anthropic leases from the outset to address counterparty credit, financing costs and capital requirements,” said Paul Prager, TeraWulf's chairman and chief executive. He said Google's credit support strengthens the company's ability to secure competitive project financing.

The 790-acre Hancock County site was acquired from Century Aluminum, which operated there from 1969 to 2022.

TeraWulf also signed a definitive engineering, procurement and construction agreement with Fluor covering three data center buildings at Justified, building on a limited notice to proceed announced in March 2026. Prager said Fluor's engineering depth and procurement reach let TeraWulf scale execution without building a global engineering and construction organization internally.

Google has backstopped TeraWulf before, on the developer's joint venture with Fluidstack. Anthropic has disclosed $895 billion of AI infrastructure commitments, as Private Wealth Daily previously reported.

The first facility on the site is due online in 2027.