Banks Weigh $15 Billion Loan for Anthropic-Leased Texas Data Center

A Morgan Stanley-led consortium of banks is in advanced talks to lend $15 billion for a data center and power project in Hubbard, Texas, that Anthropic is expected to lease, according to The Wall Street Journal and CNBC. The proposed package includes a $14 billion bridge loan and a revolving credit facility, with Evercore arranging the financing for Nexus Data Centers. Google has provided guarantees for billions of dollars of Anthropic's lease and power payments and is expected to receive roughly 20% of the project's equity.

Banks Weigh $15 Billion Loan for Anthropic-Leased Texas Data Center - Morgan Stanley is the only prospective lender identified by name and is leading the bank group; Evercore arranged the proposed financing for Nexus. 1 https://www.cnbc.com/2026/07/30/nexus-data-centers-in-advanced-talks-to-secure-15b-for-google-backed-anthropic-data-center.html 2 https://www.wsj.com/tech/banks-in-talks-to-lend-15-billion-for-anthropic-data-center-backed-by-google-606d7afd - The reported $15 billion package consists of a $14 billion bridge loan and a revolving credit facility, but its rate, maturity, covenants and takeout plan have not been disclosed. 2 https://www.wsj.com/tech/banks-in-talks-to-lend-15-billion-for-anthropic-data-center-backed-by-google-606d7afd - Google has reportedly provided guarantees for billions of dollars of Anthropic’s lease and power payments and is expected to receive roughly 20% of the project’s equity. 2 https://www.wsj.com/tech/banks-in-talks-to-lend-15-billion-for-anthropic-data-center-backed-by-google-606d7afd - Anthropic’s lease was previously reported as signed, but the bank financing remained in advanced talks as of July 31 and no public closing announcement was found. 1 https://www.cnbc.com/2026/07/30/nexus-data-centers-in-advanced-talks-to-secure-15b-for-google-backed-anthropic-data-center.html 2 https://www.wsj.com/tech/banks-in-talks-to-lend-15-billion-for-anthropic-data-center-backed-by-google-606d7afd 3 https://www.datacenterdynamics.com/en/news/google-to-provide-financial-backing-for-multi-billion-dollar-anthropic-data-center-in-texas-report/ A Morgan Stanley-led consortium of banks is in advanced talks to lend $15 billion for a large Anthropic-linked data center and power project in Hubbard, Texas, according to The Wall Street Journal and CNBC. The reports identify Nexus Data Centers as the borrower at the company level but do not name the other prospective lenders. 1 https://www.cnbc.com/2026/07/30/nexus-data-centers-in-advanced-talks-to-secure-15b-for-google-backed-anthropic-data-center.html 2 https://www.wsj.com/tech/banks-in-talks-to-lend-15-billion-for-anthropic-data-center-backed-by-google-606d7afd The proposed package consists of a $14 billion bridge loan and a revolving credit facility. Evercore arranged the deal and is Nexus’s sole financial adviser, the Journal reported. The project would include a natural-gas power plant capable of generating 1.6 gigawatts. 2 https://www.wsj.com/tech/banks-in-talks-to-lend-15-billion-for-anthropic-data-center-backed-by-google-606d7afd The financing had not been publicly announced as signed or closed as of July 31. Neither report disclosed pricing, maturity, covenants, lender allocations or how the bridge loan would ultimately be refinanced. The status is therefore advanced negotiation rather than a completed $15 billion borrowing. 1 https://www.cnbc.com/2026/07/30/nexus-data-centers-in-advanced-talks-to-secure-15b-for-google-backed-anthropic-data-center.html 2 https://www.wsj.com/tech/banks-in-talks-to-lend-15-billion-for-anthropic-data-center-backed-by-google-606d7afd Google is backstopping Anthropic’s obligations Anthropic is expected to lease the campus. Google has reportedly provided guarantees covering billions of dollars of Anthropic’s lease and power-payment obligations if the AI developer defaults. Google’s support was limited to the amount needed for the financing, according to the Journal’s sources. 2 https://www.wsj.com/tech/banks-in-talks-to-lend-15-billion-for-anthropic-data-center-backed-by-google-606d7afd In exchange, Google is expected to receive an equity interest of roughly 20% in the data center and power project. That prospective interest is separate from Google’s investment in Anthropic and its commercial relationship as a supplier of cloud capacity and Tensor Processing Units. 2 https://www.wsj.com/tech/banks-in-talks-to-lend-15-billion-for-anthropic-data-center-backed-by-google-606d7afd Anthropic announced in April that it had signed a separate agreement with Google and Broadcom for multiple gigawatts of next-generation TPU capacity beginning in 2027. The Journal reported that Google would also provide chips for the Hubbard project, but the parties have not publicly mapped the April hardware agreement to this specific campus. 2 https://www.wsj.com/tech/banks-in-talks-to-lend-15-billion-for-anthropic-data-center-backed-by-google-606d7afd 9 https://www.anthropic.com/news/google-broadcom-partnership-compute Alphabet’s second-quarter filing provides context for the guarantees without identifying the counterparties. The company reported $43.8 billion of credit-derivative notional exposure as of June 30 for agreements that backstop data center payment obligations. Alphabet said those agreements can permit it to assume or sublease underlying facilities after a default. The figure is maximum potential exposure, not a booked loss or a project-specific disclosure. 8 https://www.sec.gov/Archives/edgar/data/1652044/000165204426000071/goog-20260630.htm The legal borrower has not been disclosed The news reports say the bank group would lend to Nexus Data Centers. Public development records, however, show several Nexus entities attached to the Hubbard campus, and none of the available documents identifies which would borrow the proposed $15 billion. 1 https://www.cnbc.com/2026/07/30/nexus-data-centers-in-advanced-talks-to-secure-15b-for-google-backed-anthropic-data-center.html 2 https://www.wsj.com/tech/banks-in-talks-to-lend-15-billion-for-anthropic-data-center-backed-by-google-606d7afd Nexus Apex Holdings LLC, owned by Nexus Data Centers, previously received two senior secured private-credit financings from Eagle Point Credit Management. Eagle Point said those loans support a roughly 2,900-acre campus with behind-the-meter generation and high-density computing facilities. 4 https://www.businesswire.com/news/home/20260312002007/en/Eagle-Point-Closes-Significant-Strategic-Financing-with-Nexus-Apex-Holdings-LLC Texas construction filings identify Nexus Data Centers Hubbard LLC as the owner of two planned buildings at 357 HCR 3372. Each is listed at 491,378 square feet with an estimated construction cost of $400 million. The filings target completion in October 2027 and January 2028 and state that tenant funds are not financing the buildings. 5 https://www.tdlr.texas.gov/TABS/Search/Project/TABS2026022673 6 https://www.tdlr.texas.gov/TABS/Search/Print/TABS2026023798 A separate affiliate, Nexus Hubbard Power LLC, is the applicant for the site’s air permits. Those entities may ultimately sit beneath a project financing vehicle, but the prospective loan documents and borrower structure are not public. The earlier Eagle Point debt should not be treated as part of the Morgan Stanley-led package unless the parties say so. 4 https://www.businesswire.com/news/home/20260312002007/en/Eagle-Point-Closes-Significant-Strategic-Financing-with-Nexus-Apex-Holdings-LLC 7 https://records.tceq.texas.gov/cs/idcplg?IdcService=TCEQ EXTERNAL SEARCH GET FILE&Rendition=Web&dID=8922185 Reported capacity exceeds the project’s initial permit filings The contemplated financing is tied to a campus and natural-gas power plant with 1.6 gigawatts of generating capacity, according to the Journal. Nexus has separately described the broader property as a multi-gigawatt campus. 2 https://www.wsj.com/tech/banks-in-talks-to-lend-15-billion-for-anthropic-data-center-backed-by-google-606d7afd Public Texas records show the permitting has developed in stages. A 2025 application from Nexus Hubbard Power sought authorization for 612.93 megawatts of baseload natural-gas generation. A related registration covered 152.75 megawatts of emergency diesel generation, which is not part of normal operating capacity. A larger New Source Review application remains pending before the Texas Commission on Environmental Quality. 7 https://records.tceq.texas.gov/cs/idcplg?IdcService=TCEQ EXTERNAL SEARCH GET FILE&Rendition=Web&dID=8922185 The public records also use different addresses for parts of the development: the two data center buildings are listed at 357 HCR 3372, while the initial power application lists 880 State Highway 171. Both are in Hubbard, Hill County. The filings confirm active development but do not independently verify that the full reported 1.6 gigawatts has received final environmental approval. 5 https://www.tdlr.texas.gov/TABS/Search/Project/TABS2026022673 6 https://www.tdlr.texas.gov/TABS/Search/Print/TABS2026023798 7 https://records.tceq.texas.gov/cs/idcplg?IdcService=TCEQ EXTERNAL SEARCH GET FILE&Rendition=Web&dID=8922185 Which commitments appear signed Anthropic’s lease was reported as signed in March, although the contract itself has not been published. The Journal’s wording indicates that Google had already provided its guarantees, while the expected 20% project stake remained prospective. 2 https://www.wsj.com/tech/banks-in-talks-to-lend-15-billion-for-anthropic-data-center-backed-by-google-606d7afd 3 https://www.datacenterdynamics.com/en/news/google-to-provide-financial-backing-for-multi-billion-dollar-anthropic-data-center-in-texas-report/ The bank commitments are less certain. The reports describe a consortium led by Morgan Stanley as being in advanced talks and say the deal could be announced soon; they do not establish that Morgan Stanley or unidentified participating banks have executed final commitment papers. 1 https://www.cnbc.com/2026/07/30/nexus-data-centers-in-advanced-talks-to-secure-15b-for-google-backed-anthropic-data-center.html 2 https://www.wsj.com/tech/banks-in-talks-to-lend-15-billion-for-anthropic-data-center-backed-by-google-606d7afd Until a closing or commitment announcement identifies the borrower, lenders and final terms, the confirmed event is a proposed $15 billion financing supported by reported lease and guarantee arrangements—not a completed loan. Companies mentioned Further sources 1 CNBC, “Nexus Data Centers in advanced talks to secure $15B for Google-backed An… ↗ https://www.cnbc.com/2026/07/30/nexus-data-centers-in-advanced-talks-to-secure-15b-for-google-backed-anthropic-data-center.html 2 The Wall Street Journal, “Banks in Talks to Lend $15 Billion for Anthropic Data… ↗ https://www.wsj.com/tech/banks-in-talks-to-lend-15-billion-for-anthropic-data-center-backed-by-google-606d7afd 3 Data Center Dynamics, “Google to provide financial backing for multi-billion-do… ↗ https://www.datacenterdynamics.com/en/news/google-to-provide-financial-backing-for-multi-billion-dollar-anthropic-data-center-in-texas-report/ 4 Eagle Point Credit Management, “Eagle Point Closes Significant Strategic Financ… ↗ https://www.businesswire.com/news/home/20260312002007/en/Eagle-Point-Closes-Significant-Strategic-Financing-with-Nexus-Apex-Holdings-LLC 5 Texas Department of Licensing and Regulation, Nexus–Apex DFW HB1 project filing… ↗ https://www.tdlr.texas.gov/TABS/Search/Project/TABS2026022673 6 Texas Department of Licensing and Regulation, Nexus Apex HB2 project filing, re… ↗ https://www.tdlr.texas.gov/TABS/Search/Print/TABS2026023798 +3 more The stories that matter, in one email. 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