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TeraWulf Shares Slide After Google Financing Deal

The data center operator's stock fell about 14% on Thursday after announcing Google credit support and a Fluor construction agreement for its Kentucky campus.

Updated on Nov. 5, 2026 in Data Centers

Unmarked data center building shell under construction on a flat cleared site, with a partial steel frame against rolling green Kentucky hills under overcast daylight.
TeraWulf shares fell about 14% Thursday after the data center operator announced Google credit support for about $19 billion in Anthropic lease-backed debt financing and a Fluor construction deal in Kentucky. AI Illustration. Upload story photo >

TeraWulf shares fell about 14% on Thursday, following a 6.6% decline on Wednesday, when the company announced credit support agreements with Google for debt financing tied to about $19 billion of contracted lease commitments with Anthropic. The company also signed a definitive agreement with Fluor to build three data center buildings at its Hawesville, Kentucky campus.

Why it matters

Investors sold off crypto-linked and AI data center stocks after the midterm elections, and weighed tougher scrutiny of data center development under a Democratic-controlled Congress. The stock's decline came as TeraWulf has missed earnings estimates in each of its last four quarters.

TeraWulf's Hawesville campus will include three data center buildings built under a Fluor agreement, with the award value undisclosed. Google credit support underpins debt financing tied to roughly $19 billion in contracted Anthropic lease commitments.

The players

TeraWulf

TeraWulf is a bitcoin mining and data center company developing high-performance computing campuses in the United States.

Google

Google, the technology company owned by Alphabet, provided credit support for TeraWulf's debt financing.

Anthropic

Anthropic is an artificial intelligence company and the counterparty to about $19 billion in contracted lease commitments at TeraWulf's Kentucky campus.

Fluor

Fluor is a global engineering and construction firm that signed an agreement to build three data center buildings for TeraWulf.

The details

TeraWulf executed credit support agreements with Google to back debt financing for about $19 billion of contracted lease commitments with Anthropic at its Hawesville, Kentucky campus. The same week, the company signed a definitive agreement with Fluor to construct three data center buildings there, and shares fell about 14% on Thursday.

Timeline

  1. Late June: TeraWulf hit its 52-week high of $29.84.

  2. October 30: B. Riley lowered its price target on TeraWulf to $26.

  3. Wednesday, November 4, 2026: Google credit support and Fluor agreements were announced; shares fell 6.6%.

  4. Thursday, November 5, 2026: Shares fell about 14% to a new 52-week low.

  5. Friday, November 6, 2026: TeraWulf reports Q3 results before market open.

Tech Race

TeraWulf's Google-backed financing follows the wave of hyperscaler-supported AI data center leasing that began in 2024 and 2025, extending it to former bitcoin miners now building campuses for AI tenants. That shift ties the company's share price more closely to AI demand and to political scrutiny of data center expansion.

For data center stocks, the sell-off shows how quickly share prices can move when financing and political conditions shift. Residents near the Hawesville campus will see construction of three buildings once Fluor begins work on the project.

The takeaway

Stocks tied to AI infrastructure can swing sharply on financing news and political developments, so investors should weigh quarterly results against the broader policy backdrop. TeraWulf's Friday earnings report will show whether its recent deals are translating into revenue.

What happens next

TeraWulf reports its Q3 results before market open on Friday, November 6, 2026.

Further reading

For broader context on the buildout behind this story, see more Data Centers coverage.