TeraWulf has awarded Fluor a definitive engineering, procurement and construction contract for the Justified Data Campus in Hawesville, Kentucky, covering three data centre buildings. Early construction work has already begun, according to Fluor’s release of November 4, reported by Construction Dive on November 9.
Fluor had held a limited notice to proceed since March, covering master planning and preconstruction services. The expanded scope adds testing and commissioning. Phased ready for service completions are expected to begin in late 2027 and continue through the second quarter of 2028. Fluor did not disclose the contract value and expects to recognise the award in the fourth quarter once it finalises pricing for the first two buildings. The 4 billion dollar figure attached to the campus is its reported total cost, not the EPC contract value.
The campus is the same Hawesville site covered here on November 4, where Google agreed to backstop Anthropic’s rent under 20 year leases covering about 401 MW of critical IT load. TeraWulf’s release put Anthropic’s contracted lease commitments at the campus at about 19 billion dollars, and said TeraWulf has also secured credit support from Google for debt financing at the campus.
Taken together, the November developments complete the campus capital stack in sequence: a hyperscale tenant on long leases, a creditworthy backstop for the rent and the debt, and now a tier one contractor carrying construction execution. That sequence, tenant credit first and contractor second, is becoming the standard financing grammar for large AI campuses.