Google puts its AA+ credit behind a third TeraWulf campus, this time for Anthropic directly

TeraWulf (NASDAQ: WULF) has lined up credit support from Google to help finance $19 billion in lease commitments to Anthropic at its Justified campus in Hawesville, Kentucky.

It is seen as a step aimed at lowering borrowing costs for one of bitcoin mining’s largest bets on AI infrastructure.

Google’s investment-grade name on the debt

Google LLC, a subsidiary of Alphabet, will stand behind the debt. Terawulf intends to raise for the justified development under the credit support agreements.

Alphabet’s senior unsecured debt has an AA+ rating from S&P Global and Aa2 from Moody’s, near the top of the corporate credit scale.

Patrick Fleury, TeraWulf’s chief financial officer, tied the arrangement to pricing in the company announcement, as he said, “Cost of capital is fundamental to infrastructure development.”

Fleury also added that investment-grade support “strengthens the project’s financing profile” and the company’s ability to pursue cheaper long-term debt.

The support was designed into the lease from day one. A July analysis by Rittenhouse Research showed that the original terms allowed Nvidia, Amazon, or Google to backstop Anthropic’s rent unless the latter is able to secure its own investment-grade rating before the financing closed.

Google is the one from the group that was mentioned in the original terms that is filling that role.

Fluor takes over construction at Justified

The Google agreement is not the only one that TeraWulf announced on Wednesday, November 4. The company has also executed an engineering, procurement and construction agreement with Fluor Enterprises for three data center buildings at Justified.

One of the challenges that hyperscale projects have been facing is labor supply. Terawulf acknowledged this issue and pointed out that Fluor already solves for this with its subcontractor network and skilled labor access. These are part of what the agreement buys them.

A direct tenant, not a middleman

The Justified deal looks different from TeraWulf’s first large AI commitment. At its Lake Mariner campus in New York, AI cloud firm Fluidstack is the named tenant, and Google backstopped Fluidstack’s lease obligations.

That support went up to $3.3 billion in 2025, with Google taking warrants equal to about 14% of TeraWulf.

Google also supported the company’s Abernathy, Texas joint venture. However, Terawulf has since sold its stake in the company to a Fluidstack-led group.

Anthropic is the direct counterparty at Justified. TeraWulf signed the 20-year lease in July, covering about 401 megawatts of critical IT load and an estimated $19 billion in contracted revenue, a figure that can reach $33 billion if Anthropic exercises two five-year extensions.

First services are slated for the second half of 2027, with full capacity due in early 2028.

From mining rigs to contracted power

Early this year, TeraWulf acquired the Hawsville property, which was a former Century Aluminum smelting site, for $200 million.

The company now focuses on long-term leases and the energy assets that power them. Like many miners, it has made the pivot to providing AI, power and high-performance computing services.

TeraWulf’s high-performance computing leases supplied about 71% of its $44.8 million in revenue, which was more than it made from what remains of its bitcoin-mining business.

The financing for Justified comes as TeraWulf continues to increase its pipeline. The company recently expanded its contracted power at its Muskie campus in eastern Kentucky to 1 gigawatt.

The next focus is now on delivery. The $19 billion depends on capacity coming online through 2028 and on Anthropic honoring a two-decade commitment.