Google could take stake in bitcoin miner TeraWulf’s $19 billion AI project if Anthropic defaults

Google has secured a provision that could give it an equity stake in TeraWulf’s $19 billion AI data-center project if Anthropic defaults on its lease payments. The arrangement ties Google’s potential ownership to the project’s rent obligations, adding a credit backstop to the large-scale AI infrastructure deal. The provision matters because it links a major cloud and AI investor to a bitcoin miner’s AI hosting buildout, where tenant payment risk is central to project economics. TeraWulf, a bitcoin miner expanding into AI data-center hosting, is the project developer, while Anthropic is the tenant whose payments underpin the agreement. Watch whether Anthropic’s lease payments stay current and how the backstop affects TeraWulf’s financing costs and Google’s exposure to the project.