$WULF · TERAWULF INC.
TeraWulf entered into three Credit Support Agreements on November 4, 2026, under which Google LLC backstops Anthropic's obligations under 20-year Justified Leases covering ~401 MW of critical IT load at the Hawesville, Kentucky campus. The backstop becomes effective at the final data hall commencement date and terminates if Anthropic maintains investment-grade ratings for at least three months. On a payment default or Anthropic insolvency, Google may pay rent and assume the lease, or pay a termination fee and acquire an equity interest in Raylan Data LLC. Capacity delivery is expected in phases from late 2027 through Q2 2028.
- Google backstops Anthropic's rent under three Justified Leases (CB-1, CB-2, CB-3) covering ~401 MW.
- Backstop activates at final data hall commencement and ends if Anthropic holds investment-grade ratings for three months.
- On default, Google may assume the lease or pay a termination fee and take equity in Raylan Data LLC.
- Capacity delivery phases run from late 2027 through Q2 2028.
- Raylan and Anthropic also amended the Justified Leases in connection with the backstop.
Shares rose 14.53% to $12.53 in the regular session; extended-hours last trade of $12.03 is +9.96% vs price-at-filing, confirming a positive reaction to the Google credit support.
A Google credit backstop materially de-risks TeraWulf's largest HPC lease with Anthropic, a key anchor tenant.
Google's backstop of Anthropic's obligations strengthens TeraWulf's position in the hyperscaler-backed HPC data center buildout race.
The backstop only becomes effective at the final data hall commencement date, leaving rent obligations unbacked during the phased delivery period from late 2027 through Q2 2028.