TeraWulf Secures Google Credit Backstop for Project Financing in Support of $19 Billion Anthropic Lease; Executes Definitive Fluor EPC Agreement
Key Highlights
- ➤$19 billion Anthropic lease commitments receive Google credit support
- ➤TeraWulf signs definitive Fluor EPC agreement for three data center buildings
- ➤Phased ready-for-service completions expected from late 2027 through Q2 2028
- ➤GMP pricing, delivery milestones and performance protections established under Fluor agreement
- ➤TeraWulf expands contracted power capacity to 1 GW at Kentucky’s Muskie campus
Expert Statements
Paul Prager, Chairman and Chief Executive Officer of TeraWulf
“We structured our Anthropic leases from the outset to address counterparty credit, financing costs and capital requirements.”
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.”
Patrick Fleury, Chief Financial Officer of TeraWulf
“Cost of capital is fundamental to infrastructure development.”
Patrick Fleury, Chief Financial Officer 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.”
Paul Prager, Chairman and Chief Executive Officer of TeraWulf
“Fluor gives us the ability to scale execution without building a global engineering and construction organization internally.”
Paul Prager, Chairman and Chief Executive Officer of TeraWulf
“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.”
Paul Prager, Chairman and Chief Executive Officer of TeraWulf
“Ultimately, megawatts alone do not create shareholder value.”
Paul Prager, Chairman and Chief Executive Officer of TeraWulf
“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.”
Google credit support strengthens TeraWulf’s ability to secure competitive project financing for contracted AI infrastructure at Hawesville, Kentucky campus
Fluor agreement expands engineering and construction capacity, with defined delivery milestones
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