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TeraWulf disclosed three credit support agreements on Wednesday under which Google backs Anthropic's obligations on about 401 megawatts at the Justified campus in Hawesville, Kentucky. If Anthropic misses rent or becomes insolvent, Google can pay what is due and take over as tenant, or under certain conditions pay a termination fee that entitles it to buy into TeraWulf's subsidiary, Raylan. It cannot choose that exit for the first six years unless the installed TPU pods can draw less than half the tenant's critical power.
The price of the guarantee is in section 2.k of the agreement: "Tenant (and any Affiliate thereof) shall use only Google-approved processing units for processors in the Premises for the entire term of this Agreement." The clause lasts as long as the agreement does, and the agreement ends once Anthropic or a guarantor holds ratings for at least three months.
Until then, a company about to list at more than $1 trillion has a rival lab's parent underwriting its rent, and that parent's chips are the only accelerators allowed in the building.
The published text is a form of the agreement, one for each of three buildings. Alphabet's AA+ rating is what TeraWulf needs for cheaper debt, and the company signed Fluor to build three buildings, with guaranteed pricing still being set. Delivery runs from late 2027 through the second quarter of 2028. Neither the debt amount nor the size of the termination fee has been published.
Google agrees to backstop Anthropic's $19 billion Kentucky lease, and only TPUs may go inside
TeraWulf disclosed three credit support agreements on Wednesday under which Google backs Anthropic's obligations on about 401 megawatts at the Justified campus in Hawesville, Kentucky. If Anthropic misses rent or becomes insolvent, Google can pay what is due and take over as tenant, or under certain conditions pay a termination fee that entitles it to buy into TeraWulf's subsidiary, Raylan. It cannot choose that exit for the first six years unless the installed TPU pods can draw less than half the tenant's critical power.
The price of the guarantee is in section 2.k of the agreement: "Tenant (and any Affiliate thereof) shall use only Google-approved tensor processing units for accelerator processors in the Premises for the entire term of this Agreement." The clause lasts as long as the agreement does, and the agreement ends once Anthropic or a guarantor holds investment-grade ratings for at least three months. Until then, a company about to list at more than $1 trillion has a rival lab's parent underwriting its rent, and that parent's chips are the only accelerators allowed in the building. The published text is a form of the agreement, one for each of three buildings.
Alphabet's AA+ rating is what TeraWulf needs for cheaper debt, and the company signed Fluor to build three buildings, with guaranteed pricing still being set. Delivery runs from late 2027 through the second quarter of 2028. Neither the debt amount nor the size of the termination fee has been published. SourcesAAB
Sources
- AForm of Credit Support Agreement, Exhibit 10.1 (TeraWulf 8-K, SEC)sec.gov
- ATeraWulf secures Google credit backstop (TeraWulf)investors.terawulf.com
- BTeraWulf gets credit backstop from Google for Anthropic data center project (Reuters, refused our fetch; read via Techmeme summary)reuters.com
This story ran in the Afternoon Brief of November 4th 2026.