TeraWulf has secured Google as a credit backstop for the debt financing behind its Justified Data Campus in Hawesville, Kentucky (TeraWulf press release). The campus carries a 20-year lease with Anthropic worth about $19 billion (Reuters). Baxtel reporte
Featured: Landscape photo of an operational TeraWulf digital infrastructure campus illustrating the developer's high-density compute facilities.d in July that the company was seeking roughly $3.5 billion in financing for the project (Baxtel).
TeraWulf develops, owns and operates Justified. Anthropic leases the capacity. Google, a subsidiary of Alphabet Inc., provides contractual credit support for the anticipated debt. Fluor Enterprises takes engineering, procurement and construction responsibility for three data center buildings under a definitive contract signed on Nov. 4.
The size of the credit support was not disclosed, and under the structure Google would take responsibility for the project debt if TeraWulf defaults (Data Center Dynamics). Alphabet's senior unsecured debt is rated AA+ by S&P Global Ratings and Aa2 by Moody's. "Cost of capital is fundamental to infrastructure development," said Patrick Fleury, TeraWulf's chief financial officer. "Strong investment-grade credit support strengthens the project's financing profile and our ability to pursue competitive long-term debt."
"We structured our Anthropic leases from the outset to address counterparty credit, financing costs and capital requirements," said Paul Prager, TeraWulf's chairman and chief executive. The Fluor contract covers engineering, procurement, construction, testing and commissioning, and it follows a limited notice to proceed announced in March 2026. Fluor expects to recognize the award in the fourth quarter once pricing is set for the first two buildings, and the contractor is responsible for cost overruns up to a percentage of its profit, Fluor said.
Phased ready-for-service completions at Justified are expected to begin in late 2027 and run through the second quarter of 2028, according to the EPC milestone schedule. The site is the former Century Aluminum smelter in Hancock County, where about 482 MW of transmission capacity remained after the plant closed. Kentucky regulators approved a retail electric service agreement for up to 482 MW there in August, served by Big Rivers Electric Corporation and Kenergy Corp. (TeraWulf). TeraWulf estimates $4.0 billion to $4.5 billion of spending on site development and the initial data halls, based on $10 million to $12 million per MW of critical IT load.
Baxtel lists Justified CB-1 at 180 MW with a ready-for-service target in the third quarter of 2027 (Baxtel site record). Baxtel tracks 50 data centers in Kentucky, operated by 25 providers, with Core Scientific's Calvert City facility the largest at 150 MW (Baxtel region page).
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