Google backs financing for TeraWulf's Anthropic data center in Kentucky

Data-center developer TeraWulf said on 4 November 2026 that it has secured a credit backstop agreement with Alphabet’s Google to support financing for its data-center project with Anthropic, the maker of Claude, Reuters reported.

The project

• TeraWulf signed a 20-year lease with Anthropic in July. The deal is expected to generate about $19 billion in contracted revenue for TeraWulf.
• The campus in Hawesville, Kentucky is expected to support about 401 megawatts of critical IT load, with initial capacity due online in the second half of 2027.
• TeraWulf also announced an expanded agreement with engineering firm Fluor Enterprises to develop the site.

Why a backstop matters

TeraWulf’s CFO Patrick Fleury said investment-grade credit support strengthens the project’s financing profile and its ability to pursue competitive long-term debt. Reuters noted it is the latest case of big tech firms providing multi-billion-dollar guarantees to help smaller companies — neoclouds and data-center developers, many of them former bitcoin miners like TeraWulf — fund the AI infrastructure build-out.

Market reaction

TeraWulf shares were down about 3% in premarket trading amid a wider slide in AI data-center stocks, as investors weighed the possibility of tighter regulation after Democrats won control of Congress, according to Reuters.