The competitive landscape in the AI race is becoming increasingly nuanced and tightly interconnected. Data center operator TeraWulf recently announced that it has reached a major credit support agreement with Google to provide strong financing backing specifically for a large data center project in Kentucky leased by AI company Anthropic. It is reported that Anthropic had previously signed a long-term lease of up to 20 years with relevant parties, with a total contract value of approximately $19 billion.
Robust risk backstop and exit mechanism
As a core pillar of the project's financing structure, the credit support provided by Google includes clear risk-hedging and rights-protection provisions.
Under the agreement, if Anthropic defaults on rent or enters bankruptcy proceedings in the future, Google will have flexible discretion: it may either take over the long-term lease directly itself, or choose to pay the applicable termination fee and, in turn, acquire equity in the project company.
At the same time, this credit guarantee is not permanently binding. The agreement sets clear release conditions—once Anthropic or its affiliates that provide guarantees successfully obtain an investment-grade rating and maintain it steadily for at least three months, the credit support may be formally terminated in accordance with the terms.
Plans for ultra-large-scale computing capacity, with first facilities expected to come online in 2027
In terms of specific project scale and delivery schedule, the data center campus demonstrates exceptionally high specifications.
According to publicly disclosed plans, the campus's total computing capacity will reach approximately 401 megawatts (MW), providing ample compute support for the training and inference of large-scale frontier AI models. In terms of construction progress, the first batch of infrastructure is expected to officially enter service in the second half of 2027, fully meeting the massive and continuously surging demand for high-performance computing (HPC) in the AI industry.
