Morgan Stanley Leads $15 Billion Financing Talks for Anthropic's Texas Campus
Nexus plans a campus for Anthropic in Hubbard, Texas with its own 1.6-gigawatt gas plant. Inside the $14 billion bridge loan, Google's guarantees, 20 percent stake, and Broadcom's TPU financing.
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TL;DR
Nexus Data Centers is in advanced talks to raise roughly $15 billion from a bank group led by Morgan Stanley. The debt would fund an AI data center campus in Hubbard, Texas, built for Anthropic. The package includes a $14 billion bridge loan and a revolving credit facility.
Google has agreed to guarantee billions of dollars of Anthropic’s lease and power-payment obligations on the project. The guarantees cover four data center leases signed by Anthropic and related power purchase agreements. Google is expected to receive an equity stake of about 20 percent in the data center and power project in exchange.
The Hubbard campus will include an on-site natural-gas-fired power plant capable of producing 1.6 gigawatts. Anthropic plans to equip the site with tensor processing units co-designed by Google and Broadcom, funded through a separate vendor-financing arrangement between Anthropic and Broadcom.
Nexus Data Centers, a Texas-based developer, is in advanced talks to raise roughly $15 billion to build an AI data center campus for Anthropic in Hubbard, Texas.
A bank group led by Morgan Stanley is arranging the debt.
Proceeds would fund the campus and an on-site natural-gas-fired power plant capable of producing 1.6 gigawatts of electricity.
The Wall Street Journal first reported the talks on July 30, 2026, and subsequent reports indicate the deal could be announced within days.
The Debt Package
The financing package totals roughly $15 billion, consisting of a $14 billion bridge loan plus a revolving credit facility.
A bank group led by Morgan Stanley is arranging the debt, and the banks required credit support from Google as a condition of completing the financing.
The bridge loan is expected to be refinanced this fall. Nexus Data Centers, backed by Transition Equity Partners since its December 2025 investment, is developing gigawatt-scale data center campuses.
Morgan Stanley, Google, and Anthropic declined to comment on the financing.
Google’s Guarantees And Equity Stake
Google has agreed to guarantee billions of dollars of Anthropic’s lease and power-payment obligations should the company default.
The guarantees cover four data center leases signed by Anthropic and related power purchase agreements for electricity generated on-site.
Google’s backing is limited to the minimum level lenders required to complete the financing.
In exchange, Google is expected to receive an equity stake of about 20 percent in the data center and power project.
CNBC reported that Google agreed to backstop Anthropic with its investment-grade credit rating as part of the arrangement.
Power And Chips
The campus will generate its own electricity from the 1.6-gigawatt natural-gas plant on site.
Anthropic plans to equip the facility with tensor processing units, chips co-designed by Google and Broadcom.
The chips will be funded through a separate vendor-financing arrangement between Anthropic and Broadcom.
The Wider Backstop Pattern
The Texas deal extends a financing structure that has underpinned roughly $35 billion in prior Anthropic-linked data center debt across five US facilities developed with AI cloud platform Fluidstack.
Under that structure, Google steps in to repay bondholders if Fluidstack defaults, with support activating once facilities are operational and the lease commences.
Developers including TeraWulf, Cipher Digital, Hut 8, and a Next Frontier-Fluidstack joint venture have raised over $15 billion in bonds under similar structures for sites in New York, Texas, Louisiana, and Indiana.
Google has separately committed up to $40 billions of direct equity investment in Anthropic, building on a first stake of $300 million in 2023.
The campus forms part of Anthropic’s previously announced $50 billion US data center buildout spanning Texas and New York.
Reports indicate the financing could be announced as soon as this week.