TeraWulf Inc. filed a Form 8-K with the SEC on November 4, 2026, disclosing that its subsidiary Raylan Data LLC entered into three Credit Support Agreements with Google LLC to backstop certain obligations of Anthropic, PBC under existing 20-year data center leases at TeraWulf's Hawesville, Kentucky campus.

Key Highlights

  • Three agreements signed: TeraWulf, through Raylan Data LLC and Justified DataPower LLC, executed separate Credit Support Agreements with Anthropic and Google for data halls CB-1, CB-2, and CB-3 on November 4, 2026.
  • Google backstop mechanics: In the event of an Anthropic payment default or insolvency, Google may elect to assume the applicable Justified Lease as tenant or pay a defined termination fee, which would entitle Google to acquire an equity interest in Raylan.
  • Deferral option included: Google may defer its election for a specified period during which it will pay all unpaid and additional rent becoming due under the applicable Justified Lease.
  • Backstop effectiveness trigger: The Google backstop under each agreement becomes effective as of the commencement date for the final data hall under the corresponding Justified Lease.
  • Termination condition: Each Google Credit Support Agreement terminates once Anthropic, or a guaranteeing affiliate, achieves and maintains certain investment grade credit ratings for at least three months.
  • Capacity and timeline: The Justified Leases cover approximately 401 MW of critical IT load for high-performance computing operations, with capacity delivery expected to begin in late 2027 and conclude in the second quarter of 2028.
  • Lease amendments filed: On the same date, Raylan and Anthropic also entered into amendments to the existing Justified Leases in connection with the new backstop arrangements.

Google's Role in Backstopping TeraWulf's Anthropic Lease Obligations

According to the filing, TeraWulf operates a data center campus in Hawesville, Kentucky, where it develops and leases high-performance computing capacity. As previously disclosed by the company, its subsidiary Raylan Data LLC entered into a 20-year lease agreement with Anthropic, PBC in July 2026, covering approximately 401 MW of critical IT load across three data halls, CB-1, CB-2, and CB-3. Anthropic's rent obligations under those leases commence upon delivery of each individual data hall.

The November 4, 2026 Credit Support Agreements bring Google LLC into the arrangement as a credit backstop party. The filing describes that if Anthropic defaults on a rent payment or becomes subject to an insolvency event, Raylan may provide notice to Google, after which Google holds the option to either pay all currently due rent and assume the lease as tenant, or, under certain circumstances, pay a termination fee. The filing states that upon payment of such termination fee, Google would be entitled to acquire an equity interest in Raylan. The termination fee amortizes over a defined term following the anticipated effectiveness of the applicable Credit Support Agreement.

The filing also notes that Google may defer its choice between those two options for a specified period, during which Google is obligated to pay all unpaid rent and any additional rent accruing under the applicable Justified Lease. Each Credit Support Agreement terminates independently once Anthropic, or a qualifying guaranteeing affiliate, achieves and sustains certain investment grade credit ratings for a minimum of three consecutive months. TeraWulf's common stock is listed on NASDAQ:WULF. The filing notes that statements about future delivery timelines and other plans are forward-looking and subject to the risks and uncertainties detailed in TeraWulf's regulatory filings.

What Was Disclosed

TeraWulf's Form 8-K reported the execution of three Google Credit Support Agreements on November 4, 2026, providing a payment backstop on Anthropic's obligations under 20-year HPC data center leases at the company's Hawesville, Kentucky campus, along with concurrent amendments to those leases.