Google-Backed Nexus Secures $15 Billion Financing for Anthropic's Texas Campus
Alina Collins
Data-center developer Nexus is in advanced talks with a Morgan Stanley–led bank group to borrow $15 billion for an Anthropic campus and power plant in Hubbard, Texas, with Google providing financial guarantees and supplying chips — a deal that extends Google's ties with Anthropic from equity investment into physical infrastructure.
What does $15 billion build?
Nexus Data Centers plans a large-scale data-center campus in Hubbard, Texas, dedicated to Anthropic, paired with a 1.6-gigawatt natural-gas power plant.
The plant uses a "behind-the-meter" model — it feeds the campus directly, bypassing the public grid and its interconnection queues.
Construction began in early 2025; the financing deal could be announced as soon as the day of the report.
Where does the money come from?
The $15 billion package, led by Morgan Stanley, is split into $14 billion in bridge loans plus a revolving credit facility.
Google guarantees four data-center leases Anthropic has signed and the matching power-purchase agreements — but only to the minimum extent the banks need to close the deal.
This means → Google is a "limited guarantor," not an unconditional backstop. The banks lend on Google's credit, yet Google has capped its exposure.
What does Google get in return?
In exchange for its guarantee, Google is expected to receive roughly 20% equity in the data-center and power-plant project.
Google will also supply its TPU chips — tensor processing units, custom processors designed with Broadcom specifically to run AI models — to the campus.
Chip financing is handled separately between Anthropic and Broadcom, independent of the $15 billion debt package.
In plain terms = Google lends its credit with one hand and sells chips with the other, taking an infrastructure stake in return — shifting from financial investor to Anthropic's physical "landlord plus supplier."
Why does this deal matter?
A $15 billion single-project financing for an AI data center is rare, and will test how much debt the current market can absorb for AI infrastructure.
This reflects a competitive shift: the AI race now extends beyond models and algorithms into power and land — whoever locks down physical resources faster gains the edge.
For Google, the deal deepens its bond with Anthropic from capital allocation to infrastructure co-building — a materially tighter relationship.
Content is for reference only, not financial advice.