TeraWulf Inc. (NASDAQ: WULF) has put in place the two building blocks it says it needs to carry its largest data center project from contract to construction.

In a November 4, 2026, announcement, the company disclosed that it has signed credit support agreements with Google LLC covering anticipated debt financing and has entered a definitive engineering, procurement, and construction agreement with Fluor Enterprises, Inc., for its Justified Data Campus in Hawesville, Kentucky.

A two-part agreement reshapes the Justified development

Both arrangements tie back to the same commercial foundation: approximately USD 19 billion in contracted lease commitments with Anthropic, PBC.

TeraWulf frames the combined effect as strengthening the financing framework for the Justified development while widening its construction execution capacity, in line with its stated strategy of turning long-term contracted demand into durable cash flow.

The credit side of the transaction places Google, a subsidiary of Alphabet Inc., behind anticipated debt financing for the long-term development. The quality of that backing matters for pricing: Alphabet's senior unsecured debt carries ratings of AA+ from S&P Global Ratings and Aa2 from Moody's.

Why the cost of capital sits at the center of the deal

TeraWulf's management has been explicit that the lease structure was designed with financing mechanics in mind.

Paul Prager, the company's Chairman and Chief Executive Officer, said the Anthropic leases were structured from the outset to address counterparty credit, financing costs, and capital requirements, and that Google's credit support strengthens the company's ability to secure competitive project financing.

Chief Financial Officer Patrick Fleury made the same point in more direct economic terms. "Cost of capital is fundamental to infrastructure development," he said, adding that strong investment-grade credit support strengthens the project's financing profile and TeraWulf's ability to pursue competitive long-term debt.

Fleury tied the arrangement to the company's stated emphasis on disciplined capital allocation and attractive risk-adjusted returns.

Fluor's role grows from early works to a full EPC mandate

The construction side of the announcement formalizes and extends a relationship that had already begun.

Fluor's involvement started with a limited notice to proceed announced in March 2026, covering early engineering and pre-construction work.

The new definitive EPC agreement expands that mandate to a comprehensive scope spanning engineering, procurement, construction, testing, and commissioning for three data center buildings at Justified.

The contract sets out defined delivery milestones, open-book cost reporting, procurement oversight, and contractual performance protections.

Guaranteed maximum pricing is being established under the agreement as engineering and procurement progress, meaning the GMP basis referenced in the announcement is being locked in progressively rather than all at once. TeraWulf's rationale for the Fluor partnership rests partly on the labor market.

The company noted that labor availability is an increasingly important constraint on large-scale data center development and that Fluor brings more than 100 years of experience delivering complex infrastructure projects, along with an established network of subcontractors and skilled labor and significant procurement capabilities.

Fluor partnership expands TeraWulf’s construction execution capacity

According to TeraWulf, the arrangement lets it keep its experienced core development team in charge while drawing on Fluor's engineering resources.

Prager summarized the logic in his own words: "Fluor gives us the ability to scale execution without building a global engineering and construction organization internally."

He added that Fluor's engineering depth, procurement capabilities, and access to skilled labor complement TeraWulf's own decades of experience developing energy infrastructure and that the two companies are focused on delivering customer commitments with disciplined cost management and clear schedule accountability.

Timeline: phased completions from late 2027 into mid-2028

The EPC agreement comes with a milestone schedule that puts phased ready-for-service completions beginning in late 2027 and continuing through the second quarter of 2028.

That window gives the Hawesville campus a delivery horizon of roughly two years from the date of the announcements.

Where Justified fits in TeraWulf's wider portfolio

Justified is not a standalone bet.

TeraWulf describes itself as a vertically integrated owner, developer, and operator of large-scale digital infrastructure, pairing long-term access to power with contracted AI and high-performance computing demand.

The company does not invest in AI compute hardware itself; instead, it develops and operates the underlying infrastructure, supported by long-term leases, investment-grade credit protections, and disciplined capital allocation.

The company's other assets include the Lake Mariner Data Campus in New York and the Muskie Data Campus in eastern Kentucky, where TeraWulf recently expanded contracted power capacity to 1 GW, an expansion the company cited as evidence of continued progress across its development portfolio.

For Prager, the pipeline of megawatts is only part of the story.

"Ultimately, megawatts alone do not create shareholder value," he said, pointing instead to what the company has in the ground, what it has under contract, the investment-grade credit supporting those commitments and a team with decades of experience delivering large-scale infrastructure.

He said TeraWulf remains focused on execution and on converting that foundation into durable cash flow and long-term value per share.

What the announcements change, and what they set up

Taken together, the November 4 announcements convert two open questions about Justified, who stands behind the debt and who builds the buildings, into signed commitments.

On the financing side, Google's credit support gives lenders recourse to an AA+/Aa2-rated obligor in support of debt backing the USD 19 billion Anthropic lease commitments.

On the execution side, Fluor moves from a limited notice to proceed to a guaranteed maximum price contract covering engineering, procurement, construction, testing, and commissioning of three buildings, with a delivery schedule running from late 2027 through the second quarter of 2028.

Both moves, according to TeraWulf, reinforce a disciplined approach to capital deployment and keep the company's focus on delivering attractive risk-adjusted returns as the Hawesville campus moves toward ready-for-service dates over the next two years.