Key Highlights

• TeraWulf secured Credit support agreements with Google LLC to back project financing for approximately $19 billion in Anthropic Lease commitments

• Alphabet's senior unsecured Debt is rated AA+ by S&P and Aa2 by Moody's, enhancing the project's financing profile

• A definitive EPC agreement with Fluor covers engineering, procurement, and construction of three Data Center buildings

• Phased ready-for-service completions are expected to begin in late 2027 and continue through Q2 2028

TeraWulf Inc.(NASDAQ:WULF), a vertically integrated owner, developer, and operator of large-scale digital infrastructure, announced on November 4, 2026, two significant agreements that advance the development of its Justified Data Campus in Hawesville, Kentucky. The company has executed credit support agreements with Google LLC and a definitive engineering, procurement, and construction (EPC) agreement with Fluor Enterprises, Inc.

Google Credit Support Details

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 development at the Justified campus. The campus is anchored by approximately $19 billion in contracted lease commitments with Anthropic, PBC. Alphabet's senior unsecured debt carries ratings of AA+ from S&P Global Ratings and Aa2 from Moody's, which TeraWulf expects will help it secure competitive long-term project financing.

TeraWulf's CFO Patrick Fleury characterized Cost of Capital as fundamental to infrastructure development, noting that the investment-grade credit support is intended to enhance the project's financing profile. The company's chairman and CEO Paul Prager stated that the Anthropic leases were structured from the outset to address counterparty credit, financing costs, and capital requirements.

Fluor Engineering and Construction Agreement

The definitive EPC agreement with Fluor covers engineering, procurement, and construction activities for three data center buildings at the Justified campus. This agreement builds on the limited notice to proceed announced in March 2026, advancing Fluor's role from early engineering and pre-construction to a comprehensive scope that includes testing and commissioning.

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

TeraWulf noted that the Partnership with Fluor enables the company to scale execution without building a global engineering and construction organization internally. Fluor brings more than 100 years of experience in delivering complex infrastructure projects, along with engineering resources, procurement capabilities, and an established network of subcontractors and skilled labor.

Broader Infrastructure Strategy

TeraWulf positions itself as an energy infrastructure company, pairing long-term access to power with contracted AI and high-performance computing demand. The company develops and operates the underlying infrastructure rather than investing in AI compute hardware, supported by long-term leases, investment-grade credit protections, and capital allocation discipline.

The Justified campus milestones follow TeraWulf's recent expansion of contracted power capacity to 1 GW at its Muskie Data Campus in eastern Kentucky. The company also operates the Lake Mariner Data Campus in New York and is developing additional large-scale campuses in Kentucky, New York, and Maryland. Portions of existing bitcoin-mining infrastructure at Lake Mariner are being repurposed to support contracted high-performance computing development.

What It All Means

TeraWulf's dual announcements of Google credit support and the Fluor EPC agreement represent tangible steps toward converting its contracted AI infrastructure Demand into operational data center capacity. The involvement of an investment-grade counterparty in the financing structure and a century-old engineering firm in the construction scope signals the scale and complexity of the Justified campus development. With phased completions targeted from late 2027 through mid-2028, the execution timeline will be a key Factor in determining how quickly the company can begin generating Cash Flow from its contracted commitments.