TeraWulf secures Google credit backstop for Anthropic data-centre project in Kentucky

TeraWulf has obtained a credit backstop agreement from Alphabet's Google to support financing for its data-centre project with Anthropic in Hawesville, Kentucky. The 401 MW campus, expected online from the second half of 2027, is projected to generate about US$19 billion in contracted revenue over a

Data-centre developer TeraWulf said on Wednesday it has secured a credit backstop agreement with Alphabet's Google to support financing needs for its data-centre project with Claude creator Anthropic. The company also announced an expanded agreement with construction and engineering firm Fluor Enterprises for the development of the data-centre site in Hawesville, Kentucky.

The credit agreement with Google is the latest example of how major tech firms are providing multi-billion-dollar financial backstops and guarantees to help smaller AI companies, including neoclouds and data-centre developers, fund the costly AI infrastructure build-out. TeraWulf had in July signed a 20-year lease with Anthropic for data-centre infrastructure. The deal is expected to generate about US$19 billion in contracted revenue for TeraWulf, which is among a group of companies that are shifting from bitcoin mining to providing critical AI infrastructure amid booming demand.

“Strong investment-grade credit support strengthens the project’s financing profile and our ability to pursue competitive long-term debt,” TeraWulf Chief Financial Officer Patrick Fleury said. The campus is expected to support about 401 megawatts of critical IT load, with initial capacity expected online in the second half of 2027.

TeraWulf shares were down about 3 per cent in premarket trading amid a broader slide in AI data-centre stocks as investors assess the possibility of tighter regulation after Democrats seized control of Congress.