Nexus Data Centers nears $15 billion financing for Texas AI campus

Nexus Data Centers is in advanced talks to secure about $15 billion for an artificial intelligence campus in Hubbard, Texas, for Anthropic, with Morgan Stanley leading a bank group discussing a $14 billion bridge loan and a revolving credit facility. Google is expected to provide billions of dollars of guarantees tied to Anthropic’s lease and power-payment obligations if the startup defaults, support that would help underpin a project that also includes Google-designed tensor processing units financed separately through Broadcom. The Hubbard development is designed around a 1.6-gigawatt on-site natural gas power plant operating behind the meter, allowing the campus to avoid utility interconnection delays that have slowed other U.S. data center projects. In exchange for its credit support, Google is expected to receive an equity stake of roughly 20% in the data center and power project. The deal illustrates how large technology companies are using their balance sheets to help finance infrastructure for AI developers that need massive computing capacity but are still unprofitable. Anthropic has signed more than a dozen preliminary U.S. lease agreements and is targeting at least 10 gigawatts of capacity over the next several years as it moves toward becoming a direct tenant on major infrastructure projects rather than relying only on cloud providers.