Google Data Center Lease Backstop Agreement

Checked on September 26, 2026. The cited source supports part of this claim, but not all of it.

The document supports Google's lease-assumption obligation and a $1.3 billion initial termination fee. However, the fee amortizes each year rather than holding at $1.3 billion for six years, and the claim leaves out a second exception to Google's obligation.

Confirmed in the source:

• Google must assume the lease upon an FS insolvency or payment default, subject to exceptions
• The obligation does not apply once the first 6 years of the DC Lease term have passed
• The initial FS Termination Fee paid by Google is $1.3 billion and is described as the maximum amount available

We could not confirm this from the cited source:

• That the $1.3 billion termination fee stays at that maximum for the first six years (the document shows it amortizing from $1.3 billion down to $742 million by 2031)
• That the assumption obligation applies without the additional exception for premises with equipment capable of consuming less than 50% of Baseline Capacity
• That 'FS' refers to Fluidstack (the document does not define the abbreviation)

That does not mean it is false — only that this source does not establish it, as of the date above. If we find a source that settles it, we will re-check and update this page.

What we did: Read our cached copy of SEC EDGAR (8-K Ex) (https://www.sec.gov/Archives/edgar/data/1083301/000110465925122387/tm2533871d1_ex99-1.htm) in full (12,131 characters, retrieved September 23, 2026) and checked each assertion in the claim against it.

confirms terawulf 8-K exhibit (tm2533871d1_ex99-1.htm)

Quote: “Google must assume the lease upon an FS insolvency or payment default, unless (i) the first 6 years of the DC Lease term have passed... Initial FS Termination Fee 1,300”

View cached copy (2026-09-23)Live source ↗