TeraWulf secured a new Google credit backstop on November 4, 2026, to support financing for its planned AI data-center campus leased to Anthropic in Hawesville, Kentucky. The company also signed a definitive engineering, procurement and construction agreement with Fluor for three buildings. The deals advance an existing 20-year lease worth approximately $19 billion in contracted revenue; they do not represent a $19 billion cash payment from Google.

TeraWulf disclosed the terms in a November 4 Form 8-K filed with the SEC. BitcoinVersus.Tech previously reported the original Anthropic lease, covering approximately 401 megawatts of critical IT load. The financing support and construction contract are the new developments.

Google’s guarantee has conditions

Google signed three credit-support agreements covering separate CB-1, CB-2 and CB-3 data halls. The agreements are designed to improve TeraWulf’s access to debt financing by supporting specified lease obligations if Anthropic defaults or becomes insolvent. Importantly, the backstop for a lease becomes effective when its final data hall commences; it is not an unconditional immediate guarantee of every construction expense.

Under the filed agreement summary, Google can elect to assume an affected lease and pay overdue rent, or, under specified circumstances, pay a termination fee and obtain an equity interest in TeraWulf subsidiary Raylan Data. The support can terminate once Anthropic or an eligible guarantor maintains qualifying investment-grade ratings for at least three months.

Google has previously provided support for a separate TeraWulf arrangement involving Fluidstack. BitcoinVersus.Tech covered the earlier Google-backed hosting agreement and later reported Google’s warrant-linked TeraWulf ownership exposure. The Anthropic credit backstop involves different leases and should not be counted twice.

Fluor moves from planning to construction

Fluor’s definitive engineering, procurement and construction agreement covers the three Justified buildings and moves beyond preliminary work authorized in March. According to TeraWulf’s company release, the scope includes engineering, procurement, construction, testing and commissioning, with open-book cost reporting and contractual performance protections. Guaranteed maximum pricing will be established as design and purchasing progress.

The three buildings are expected to become ready for service in stages from late 2027 through the second quarter of 2028. Those dates are forecasts, not evidence that 401 MW has already been commissioned. Critical IT megawatts measure capacity reserved for servers, rather than electricity consumed during a year or the amount generated at a power plant.

The agreement illustrates how developers with substantial power access can shift from Bitcoin mining toward AI infrastructure leasing. BitcoinVersus.Tech has tracked the transition through TeraWulf’s $400 million credit expansion and its separate Muskie campus power expansion. A contracted lease creates revenue visibility, but actual cash receipts depend on construction completion, delivery, financing and tenant performance.

Risks remain around grid infrastructure, skilled construction labor, cost escalation and lease commencement. Further SEC disclosures, project debt terms and verified data-hall delivery dates will provide stronger evidence of execution than the headline contract value alone.

Primary sources: TeraWulf Form 8-K, November 4, 2026; TeraWulf Exhibit 99.1 company announcement. Context: Reuters reporting, November 4, 2026.

Editor’s Note: The $19 billion figure is expected aggregate revenue under the existing 20-year lease, not project funding received or an upfront investment by Google. The planned 401 MW is critical IT capacity. Rendering, finance and commissioning milestones remain subject to execution and contractual conditions. In-body campus art is illustrative.

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