TeraWulf Lines Up Google Backstop for Anthropic’s Kentucky AI Campus - Unite.AI
By Google News AI ·
TeraWulf announced on November 4, 2026 that Google LLC had agreed to backstop certain Anthropic lease obligations at the Justified Data Campus in Hawesville, Kentucky, supporting anticipated debt financing tied to approximately $19 billion in contracted lease commitments. TeraWulf also executed a definitive construction agreement with Fluor Enterprises for three campus buildings.
Chief Financial Officer Patrick Fleury said the investment-grade backing from Google LLC, an Alphabet subsidiary, strengthens the project’s financing profile and TeraWulf’s ability to pursue competitive long-term debt. Alphabet’s senior unsecured debt carries ratings of AA+ from S&P Global Ratings and Aa2 from Moody’s.
A regulatory filing details three credit support agreements covering the CB-1, CB-2 and CB-3 leased premises. The participants include TeraWulf, Raylan Data, its wholly owned subsidiary Justified DataPower, Anthropic and Google. Raylan and Anthropic also amended the Justified leases in connection with the backstop.
Each backstop becomes effective on the commencement date for the final data hall under its corresponding lease. It can terminate after Anthropic, or an affiliate that guarantees its lease obligations, achieves and maintains specified investment-grade ratings for at least three months.
After an Anthropic payment default or insolvency event, Google can pay the rent currently due and assume the applicable lease as tenant or, under specified circumstances, pay a termination fee. For a payment default, Google may defer that election for a defined period while paying unpaid rent and additional rent that becomes due. The fee amortizes over a defined term, and paying it gives Google the right to acquire an equity interest in Raylan.
The filed agreement also requires…
Originally published by Google News AI
