TeraWulf Gets Google Credit Backstop for $19 Billion Anthropic Lease at Kentucky Campus
TeraWulf's subsidiary Raylan Data LLC has a 20-year lease with Anthropic for about 401 MW of computing capacity at the Hawesville, Kentucky campus. On November 4, 2026, Google agreed to backstop certain Anthropic lease obligations, which TeraWulf says supports debt financing for the project, and the company also signed a definitive construction agreement with Fluor. Shareholders would see a larger effect if Google exercised its termination-fee option, which would give Google an equity interest in Raylan.
Key points
- Google backstops certain Anthropic obligations under three Justified Leases (CB-1, CB-2 and CB-3), effective when the final data hall commences.
- If Anthropic defaults or becomes insolvent, Google may pay rent and assume the lease, or pay a termination fee that would give Google an equity interest in Raylan.
- Anthropic lease covers approximately 401 MW of critical IT load, with phased delivery expected from late 2027 through the second quarter of 2028.
- Fluor Enterprises signed a definitive EPC agreement covering engineering, procurement and construction for three data center buildings at Justified.
The filing
Written by AI on Nov 9, 2026, 8:36 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on November 04, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.