Data center developer and operator TeraWulf has secured Google as a financial backstop for its Justified Data Campus project in Hawesville, Kentucky.

The campus is set to provide capacity to AI lab Anthropic under a $19bn, 20-year lease signed in July 2026.

Under the credit support agreement, Google will backstop the anticipated debt financing that TeraWulf will need to develop the project. Google's senior unsecured debt is rated AA+ by S&P Global Ratings and Aa2 by Moody’s.

In other words, Google will take responsibility for the debt should TeraWulf default on payments, enabling TeraWulf to secure debt funding at a more desirable interest rate.

“We structured our Anthropic leases from the outset to address counterparty credit, financing costs and capital requirements,” said Paul Prager, chairman and CEO 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.”

“Cost of capital is fundamental to infrastructure development,” added Patrick Fleury, CFO of TeraWulf. “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.”

The Justified Data Campus will have 480MW of capacity and is located in Hancock County, set to be developed on a former aluminum processing site acquired from Century Aluminum. The first facility on the 790-acre site is due online in 2027. Century Aluminum operated there from 1969 to 2022.

In July 2026, reports emerged that TeraWulf was seeking $3.5bn in debt financing to support the project.

Google has previously served as the backstop for TeraWulf's JV with Fluidstack.

In addition to the new credit support agreement, TeraWulf has revealed that it has signed a definitive EPC agreement with Fluor covering engineering, procurement, and construction activities for three data center buildings at Justified, building on the limited notice to proceed announced in March 2026.

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

Elsewhere in Kentucky, TeraWulf is developing the 1GW Muskie Data Campus.