Google May Acquire Stake in TeraWulf's AI Data Center Through Anthropic Default Clause
nashnova research
Google agreed to guarantee Anthropic's $19 billion, 20-year data-center lease at TeraWulf's Kentucky campus — if Anthropic defaults, Google can step into the lease or pay a termination fee for equity in the subsidiary. In effect, Google secured a call option on AI compute assets without bearing construction risk.
What is the deal structure?
TeraWulf's subsidiary Raylan Data will build a 401 MW compute campus in Kentucky, leased to Anthropic for 20 years at a total contract value of roughly $19 billion.
Google's role is guarantor: its credit backing helps TeraWulf secure project financing.
This means → Google is neither the tenant nor the builder — it is the creditworthy backstop behind the deal, and that backstop comes with strings attached.
What does Google get out of it?
If Anthropic defaults or becomes insolvent, Google can step into the lease and use the compute facilities directly.
Under certain conditions, Google may also pay a termination fee in exchange for equity in Raylan Data.
The equity formula is straightforward: termination fee ÷ total project development cost = ownership stake. In plain terms = if the project costs $10 billion to build and Google pays a $3 billion termination fee, it gets 30% of the subsidiary.
This reflects what is essentially a call option — Google locks in the right to acquire AI compute assets at a quantifiable cost, without taking on construction risk upfront.
What does this mean for each party?
TeraWulf: Google's credit guarantee sharply lowers the financing hurdle — lenders are far more willing to fund a project with Google standing behind it.
Anthropic: It secures urgently needed large-scale compute capacity, but its ability to perform on a $19 billion commitment is now under a spotlight — if it stumbles, Google can step in immediately.
Google: The best case is that Anthropic performs and Google never has to pay a dollar beyond the guarantee. The worst case is that Anthropic fails and Google acquires compute assets via the termination fee. Both outcomes work in Google's favor.
When does this come online?
The data center is expected to begin delivery by late 2027.
At 401 MW, the campus ranks as a major facility in the current AI compute buildout.
This means → Google's "option" cannot be exercised for at least two and a half years — a window that coincides with the most volatile stretch of the AI industry's reshuffling. Anthropic's financial health at that point will determine whether this guarantee remains a formality or becomes Google's entry ticket.
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