TeraWulf said on Wednesday that Google has agreed to backstop certain obligations of Anthropic under the 20 year leases covering about 401 MW of critical IT load at its data centre campus in Hawesville, Kentucky. The leases, signed in July 2026 by TeraWulf’s subsidiary Raylan Data LLC, cover three data halls, CB-1, CB-2 and CB-3, built for Anthropic’s high performance computing operations, with delivery phased from late 2027 through the second quarter of 2028 and rent starting as each hall is delivered.
The three credit support agreements, one per hall, were entered into on November 4 by Raylan, TeraWulf’s wholly owned subsidiary Justified DataPower LLC, Anthropic and Google LLC. Each backstop takes effect on the commencement date for the final data hall under the corresponding lease, and it falls away if Anthropic, or an affiliate that has guaranteed its lease obligations, achieves and maintains investment grade credit ratings for at least three months, among other conditions stated in the agreements.
If Anthropic defaults on a rent payment or becomes subject to an insolvency event, Google, after notice from Raylan, can choose to pay all rent currently due and assume the lease as tenant, or, in certain circumstances, pay a termination fee, on payment of which it would be entitled to acquire an equity interest in Raylan. Google can also defer that choice for a specified period, during which it pays all unpaid rent and any further rent that falls due. The termination fee amortises over a defined term after the backstop takes effect. Raylan and Anthropic also amended the leases in connection with the backstop, TeraWulf said.