Fluor signed a GMP with no disclosed price on Anthropic's $19B Kentucky campus. Subs should ask how buyout will work
TeraWulf says Google is backing the financing and Fluor has a guaranteed-maximum-price contract for three data center buildings, but the price isn't set yet. That puts the real pricing work on the trade packages.
Fluor has a guaranteed-maximum-price contract to build three data center buildings for Anthropic's roughly $19 billion Kentucky lease, but the price itself hasn't been set. For trade subs and GCs, that means the number gets built package by package over the next year, and your bid is part of it.
What was announced?
TeraWulf's Nov. 4 SEC filing says Google is providing contractual credit support for anticipated debt financing at the Justified campus in Hawesville, Kentucky. It also says TeraWulf signed a definitive engineering, procurement and construction agreement with Fluor for three buildings, building on a limited notice to proceed issued in March 2026.
The filing does not give the GMP, the size of Google's support, or the debt terms. Financing is described as anticipated, not closed. It lists defined delivery milestones, open-book cost reporting, procurement oversight and performance protections, with phased completions from late 2027 through Q2 2028.
The site is a former aluminum smelter with an energized onsite substation, about 401 MW of IT capacity leased to Anthropic, per Data Center Frontier. That coverage doesn't mention Fluor, so the contract details here rest on the filing alone.
Why does an unset GMP matter to a subcontractor?
When the GMP is set while engineering and procurement are still moving, the price is assembled from trade buyout. Packages priced early lock in cost; packages bought late carry the risk. Open-book reporting means the owner sees how each package came in against budget.
| Question | Why it matters |
|---|---|
| When is my package bought out relative to the GMP being set? | Early scope is priced on incomplete design |
| Is my price a lump sum or a unit-price/allowance scope? | Determines who carries quantity growth |
| How are owner-driven changes priced and approved? | Phased delivery invites resequencing |
| Is the contracting party paid from closed financing? | Debt is still "anticipated" |
What should a mid-size sub or GC do now?
- If you're pursuing work on this campus, ask the Fluor buyout team for the package release schedule and the design status behind each scope.
- Carry explicit clarifications and exclusions. Don't price missing design as if it were complete.
- Ask what documents define the open-book review, since your quote may be compared line by line.
- Treat Google's support as financing news, not payment protection in your subcontract. Check pay terms and the paying entity as you would on any job.
The wider lesson for any GC: an early GMP on an unfinished design shifts risk downstream quickly. That's worth a hard look at your own contract language before the first package goes out.
- What did TeraWulf announce about its Kentucky data center?
- On Nov. 4, 2026, TeraWulf said Google is providing credit support for anticipated debt financing at its Hawesville, Kentucky campus and that it signed a definitive EPC agreement with Fluor on a guaranteed-maximum-price basis. The campus supports about $19 billion in lease commitments from Anthropic.
- Is the guaranteed maximum price on the Fluor contract known?
- No. The company's filing does not disclose the GMP. It says the price will be set as engineering and procurement progress.
- What does an open-book GMP mean for subcontractors?
- Typically the owner can see the contractor's costs, so trade bids and buyout savings or overruns are visible. Subs should ask how their packages are bid, leveled and awarded, and how changes are priced.
- When is the Kentucky campus expected to be ready?
- The filing expects phased ready-for-service completions from late 2027 through the second quarter of 2028.