Google could acquire stake in TeraWulf's $19B AI data-centre project if Anthropic defaults on its 20-year lease, under a newly disclosed agreement.

Google has agreed to backstop Anthropic's obligations under a 20-year, $19 billion lease for 401 megawatts of computing capacity at TeraWulf's Kentucky data center campus, a move intended to help the bitcoin miner secure financing. If Anthropic defaults or becomes insolvent, Google can take over the lease or, under certain conditions, pay a termination fee in exchange for a proportional ownership stake in Raylan Data, the TeraWulf subsidiary running the project—not TeraWulf itself. The stake size depends on the fee paid relative to total development costs. Capacity delivery is expected to begin in late 2027 and continue through Q2 2028.

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