TeraWulf stock slipped about 3% in premarket trading on Wednesday as AI data-center names faced pressure after Democrats took control of Congress, but the company disclosed a major credit-support arrangement involving Google and Anthropic.
The agreements were signed on November 4, 2026, and detailed in a Form 8-K filing. Google agreed to backstop Anthropic’s obligations under a 20-year lease expected to generate roughly $19 billion in contracted revenue for TeraWulf. The lease covers approximately 401 megawatts of critical IT load capacity at the Justified Data Campus in Hawesville, Kentucky.
Under the structure, Google’s support applies separately to three leased sections identified as CB-1, CB-2, and CB-3. The backstop activates only after the final data hall in each section is delivered. Capacity is expected to come online in phases beginning in the second half of 2027 and continuing through the second quarter of 2028.
If Anthropic defaults on rent or becomes insolvent, Google has two main options. It can pay all rent then due and step into the lease as tenant, or under certain conditions it can pay a termination fee and acquire an equity stake in Raylan Data, the TeraWulf subsidiary operating the project. That stake would be in the subsidiary, not in publicly traded TeraWulf. The size of the stake would be proportional to the termination fee divided by total project costs, including land, infrastructure, equipment, and financing. For the first six years after support becomes effective, Google is generally required to assume the lease rather than terminate it, with a limited exception related to power usage by Google’s TPU pods.
Chief Financial Officer Patrick Fleury said the credit support improves the project’s financing profile and helps the company pursue competitive long-term debt. TeraWulf also expanded its agreement with Fluor Enterprises for engineering, procurement, and construction at the Kentucky site.
The arrangement reflects a broader trend of large technology companies providing multi-billion-dollar backstops to help smaller AI developers and former Bitcoin miners fund large-scale data-center build-outs.
