Google Provides Credit Support for TeraWulf's Justified Data Center Project to Back Anthropic Lease Financing
US data center developer TeraWulf announced a credit support agreement with Google to improve debt financing conditions for its Justified project, which will provide approximately 401 megawatts of compute capacity to Anthropic.
According to a report by Zhidongxi, US data center developer TeraWulf announced on November 4 that it has signed a credit support agreement with Google. Under the agreement, Google will provide credit support for raising debt financing for TeraWulf's Justified data center project. This move aims to improve project financing conditions and help TeraWulf secure competitive long-term debt funding to advance the construction of three data center buildings in the park.
The Justified data center project is a key vehicle for the massive lease between TeraWulf and AI unicorn Anthropic. In July this year, TeraWulf subsidiary Raylan Data signed a 20-year lease with Anthropic, agreeing to provide approximately 401 megawatts of IT load capacity, expected to generate about $19 billion in contract revenue during the initial term. Since data center construction requires significant upfront investment while rental income begins only after facility delivery, financing capability has become a bottleneck for project implementation.
The three credit support agreements signed correspond to the three buildings in the Justified park respectively. Google's obligation to support the performance of the lease for each building takes effect after the last machine room in that building starts paying rent. If Anthropic defaults on payments or goes bankrupt, Google can pay due rents and replace Anthropic as the lessee according to the agreement, or pay a termination fee and acquire equity under specific conditions. This structure converts future rental flows into current financing credit collateral.
This is not the first time Google has supported TeraWulf's projects. As early as August 2025, Google provided support for $1.8 billion in lease obligations for TeraWulf's collaboration with Fluidstack and received warrants to purchase TeraWulf common stock. Analysts believe that Google's successive guarantees for TeraWulf's customer leases may be intended to secure more compute orders for its self-developed TPU chips, reflecting how tech giants are deeply intervening in supply chain financing through financial tools in AI infrastructure construction.