If Anthropic breaches contract, Google may acquire equity in the TeraWulf data center project.

Google has backstopped Anthropic’s $19 billion, 20-year data center lease with bitcoin miner TeraWulf, covering 401 MW of computing capacity at TeraWulf’s Kentucky site. Under the arrangement, Google can take over the lease or pay a termination fee and receive partial equity in Raylan Data, the TeraWulf subsidiary operating the project, if Anthropic misses rent or goes bankrupt. The equity stake would be sized by the termination fee’s share of total development costs and would sit at the project subsidiary level rather than in listed TeraWulf. Capacity deliveries are slated to begin in late 2027 and run through the second quarter of 2028. The deal matters because it ties a major AI model developer’s infrastructure buildout to bitcoin-mining data center capacity while giving Google a fallback claim on the assets. What to watch next is Anthropic’s lease performance and whether construction and delivery timelines hold.