TeraWulf secures a credit backstop agreement with Google to support financing for its data center project with Anthropic in Kentucky, set to come online H2 2027

The cost of borrowing for large data center projects decreases, making it more feasible to build the massive AI infrastructure required.

TeraWulf has secured a credit backstop agreement with Google to support project financing for its data center development in Hawesville, Kentucky. This agreement will back approximately $19 billion in contracted lease commitments with Anthropic for AI infrastructure. Concurrently, TeraWulf has finalized a definitive Engineering, Procurement, and Construction (EPC) agreement with Fluor. The Fluor agreement covers three data center buildings at the Justified Data Campus, with phased completions expected to begin in late 2027 and extend through the second quarter of 2028. These arrangements are intended to strengthen TeraWulf's financing framework, expand its construction execution capacity, and convert long-term contracted demand into durable cash flow.

Google's credit backstop significantly de-risks TeraWulf's financing for its substantial Anthropic lease, signaling a deeper involvement of major cloud providers in securing upstream AI infrastructure. This move suggests a growing trend where hyperscalers are not just customers but also partners in the capital-intensive development of specialized data centers, potentially influencing how other AI infrastructure projects will be funded and structured going forward.

The definitive EPC agreement with Fluor highlights the increasing importance of large, experienced construction partners for scaling data center development. As the demand for AI infrastructure outpaces internal construction capabilities, companies like TeraWulf are relying on established EPC firms to manage complex projects, manage labor constraints, and ensure timely delivery, which could set a precedent for future large-scale data center builds in the industry.