TeraWulf Inc. (NASDAQ: WULF) announced on November 4, 2026, the execution of credit support agreements with Google LLC in connection with debt financing supporting approximately USD 19 billion of contracted lease commitments with Anthropic, PBC.

The agreements relate to the company's Justified Data Campus in Hawesville, Kentucky, known as Justified.

Google credit support and Fluor EPC strengthen Justified project financing

At the same time, TeraWulf announced a definitive engineering, procurement, and construction (EPC) agreement with Fluor Enterprises, Inc. on a guaranteed maximum price (GMP) basis for the development of Justified.

According to the company, the agreements together strengthen the project's financing framework and expand construction execution capacity, advancing TeraWulf's strategy of converting long-term contracted demand into durable cash flow.

"We structured our Anthropic leases from the outset to address counterparty credit, financing costs, and capital requirements," said Paul Prager, Chairman and Chief Executive Officer of TeraWulf.

"Google's credit support strengthens our ability to secure competitive project financing, while Fluor's engineering and construction capabilities expand our capacity to execute at scale. Together, these agreements reinforce our disciplined approach to capital deployment and our focus on delivering attractive risk-adjusted returns."

Google credit support backs anticipated debt financing

Under the credit support agreements, Google LLC, a subsidiary of Alphabet Inc., provides contractual credit support for anticipated debt financing supporting TeraWulf's long-term Justified development. Alphabet's senior unsecured debt is rated AA+ by S&P Global Ratings and Aa2 by Moody's.

TeraWulf Chief Financial Officer Patrick Fleury emphasized the role of credit quality in the project's economics. "Cost of capital is fundamental to infrastructure development," Fleury said. "Strong investment-grade credit support strengthens the project's financing profile and our ability to pursue competitive long-term debt, reinforcing our focus on disciplined capital allocation and attractive risk-adjusted returns."

Fluor scope expands from early works to full EPC

The definitive EPC agreement with Fluor covers engineering, procurement, and construction activities for three data center buildings at Justified. It builds on a limited notice to proceed announced in March 2026.

The agreement advances Fluor's role from early engineering and pre-construction to a comprehensive scope encompassing engineering, procurement, construction, testing, and commissioning.

It establishes defined delivery milestones, open-book cost reporting, procurement oversight, and contractual performance protections. Guaranteed maximum pricing is being established in accordance with the agreement as engineering and procurement progress.

TeraWulf said the partnership enables the company to leverage its experienced core development team while accessing Fluor's engineering resources, procurement capabilities, and established network of subcontractors and skilled labor.

The company noted that as labor availability becomes an increasingly important constraint on large-scale data center development, Fluor's more than 100 years of experience delivering complex infrastructure projects provides execution depth and flexibility.

Delivery schedule runs from late 2027 through mid-2028

Under the EPC milestone schedule, phased ready-for-service completions are expected to begin in late 2027 and continue through the second quarter of 2028.

"Fluor gives us the ability to scale execution without building a global engineering and construction organization internally," Prager said.

"Their engineering depth, procurement capabilities, and access to skilled labor complement our team's decades of experience developing energy infrastructure. Together, we're focused on delivering our customer commitments with disciplined cost management and clear schedule accountability."

Broader development portfolio context

TeraWulf describes itself as a vertically integrated owner, developer, and operator of large-scale digital infrastructure. The company is an energy infrastructure business pairing long-term access to power with contracted AI and high-performance computing (HPC) demand.

Rather than investing in AI compute hardware, TeraWulf develops and operates the underlying infrastructure, supported by long-term leases, investment-grade credit protections, and disciplined capital allocation.

The Justified milestones follow TeraWulf's recent expansion of contracted power capacity to 1 GW at its Muskie Data Campus in eastern Kentucky, which the company cited as reflecting continued progress across its development portfolio. TeraWulf also operates the Lake Mariner Data Campus in New York.

"Ultimately, megawatts alone do not create shareholder value," Prager said. "What gives us confidence is what we have in the ground, what we have under contract, the investment-grade credit supporting those commitments, and a team with decades of experience delivering large-scale infrastructure. We remain focused on execution and converting that foundation into durable cash flow and long-term value per share."

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