Nexus Data Centers is in advanced talks to secure $15 billion in financing to construct a sprawling artificial intelligence (AI) data center campus in Hubbard, Texas, built specifically for Anthropic.
The debt financing, led by Morgan Stanley, features a unique credit structure backed by Alphabet Inc.’s Google.
Under the proposed terms, Google will use its investment-grade credit rating to guarantee Anthropic’s lease obligations and power-purchase agreements. The Texas campus is set to feature an on-site natural gas plant capable of generating 1.6 gigawatts of power. In exchange for providing the credit backstop, Google is expected to receive roughly a 20% equity stake in the combined data center and power facility.
Sources familiar with the matter indicate the deal consists of a $14 billion bridge loan paired with a revolving credit facility. Google’s financial guarantees were reportedly capped at the minimum threshold required by lenders to secure the debt package.
To power its computing operations at the new site, Anthropic plans to deploy Tensor Processing Units (TPUs) jointly developed by Google and Broadcom Inc.
Broadcom has agreed to cover the chip hardware costs through a dedicated vendor-financing arrangement.
The Texas project marks the latest step in Anthropic’s aggressive push to scale its computing infrastructure. The AI firm has inked a flurry of major partnerships this year, including an agreement with Advanced Micro Devices Inc., a May deal with Elon Musk’s SpaceX, and a joint infrastructure initiative with Google and Broadcom.
The transaction further deepens the financial ties between Google and Anthropic.
Google agreed to invest up to $40 billion in the AI lab, following an initial $300 million investment for a 10% stake in 2023 and a subsequent $2 billion injection later that year. Beyond its Anthropic commitments, Google continues to aggressively expand its broader cloud infrastructure, recently securing a dark fiber network agreement with Verizon Communications Inc. valued at more than $1 billion.
Nexus Data Centers and Anthropic declined to comment on the pending transaction. Morgan Stanley and Google did not respond to requests for comment.