Anthropic

Artificial Intelligence · Data Centers · Infrastructure Finance

Expansion

Google reportedly guarantees $15B loan for Anthropic's Texas data center

Lenders are treating a tech giant's credit rating as collateral, letting the AI lab build massive compute capacity without spending its own capital.

• Nexus Data Centers is in advanced talks to secure $15 billion in bank financing, led by Morgan Stanley, to build an Anthropic-dedicated data center campus in Hubbard, Texas, with Google backstopping the deal via its investment-grade credit, according to the Wall Street Journal.
• Anthropic, maker of the Claude AI models, is pursuing a strategy of leasing dedicated data centers directly rather than renting server capacity from cloud providers, targeting over 10 gigawatts of capacity in coming years.
• The package includes a $14 billion bridge loan plus a revolving credit facility, structured around four data-center leases and power-purchase agreements tied to an on-site 1.6-gigawatt natural gas power plant.
• In exchange for its guarantees, Google is expected to take roughly a 20% equity stake in the data-center and power project, while also supplying Anthropic with Google-Broadcom co-designed TPU chips under a separate vendor-financing arrangement.
• The talks follow a string of infrastructure deals Anthropic has struck this year, including agreements with AMD, SpaceX, and a broader Google-Broadcom chip partnership, as compute demand for frontier AI models keeps outpacing supply.
• The structure shows how established tech giants are lending their balance sheets, not just capital, to underwrite AI labs' physical buildouts, deepening the blur between customer, investor, and infrastructure guarantor.