Morgan Stanley Leads Talks on $15B Loan for Google-Backed Anthropic Campus in Texas

A group of banks led by MS is in advanced talks to provide roughly $15 billion of debt to Nexus Data Centers for an AI campus in Hubbard, Texas, that Anthropic will occupy . The package is structured as a bridge loan of about $14 billion alongside a revolving credit facility . The talks are advanced rather than closed, and terms could still change before syndication.

The lenders are not underwriting Anthropic's credit alone, which is the part of this deal that matters most. GOOGL has agreed to guarantee billions of dollars of Anthropic's lease and power payment obligations if the company fails to meet them, and in exchange takes roughly 20% equity in the data center and power project . That structure is what makes a loan of this size to a private AI lab financeable: the credit risk sits materially closer to Google's balance sheet than to Anthropic's revenue.

The campus is planned around a natural gas plant with 1.6 gigawatts of generating capacity built alongside the compute, an answer to the grid interconnection queues that have become a binding constraint on large AI buildouts . Anthropic will deploy tensor processing units at the site, which GOOGL codesigns with AVGO, and a separate vendor financing agreement between Anthropic and Broadcom covers the chip cost .

The arrangement marks a shift in how Anthropic buys compute, leasing data centers directly rather than renting server capacity from cloud providers . The read-through runs through three public names rather than one: Google converts a customer relationship into an equity and guarantee position, Broadcom adds vendor-financed silicon volume, and Morgan Stanley is arranging the kind of large structured AI-infrastructure debt that is becoming a fee pool of its own. What to watch is whether the loan syndicates on the reported terms and how much of the guarantee obligation Google ultimately discloses.