Google Backs AI Future
Banks close $15 billion loan for Google-backed Anthropic AI data center in Texas
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Key Points
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The Hubbard, Texas data-center campus is described as potentially one of the largest AI infrastructure projects in the United States.
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Google-backed financing includes a Verizon dark fiber agreement worth more than $1 billion linked to the project.
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Anthropic is targeting at least 10 gigawatts of AI computing capacity in coming years as part of its infrastructure expansion.
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Anthropic has pursued a slate of infrastructure partnerships this year, including deals with AMD, SpaceX, and a Google/Broadcom collaboration for TPUs.
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Google has previously committed significant funding to Anthropic, including up to $40 billion in April, following earlier investments of roughly $300 million for about 10% of the company in 2023 and an additional $2 billion soon after.
Wall Street banks are closing in on a $15 billion loan to build one of the largest AI data centers in the United States. Nexus Data Centers is in advanced talks to secure the financing, led by Business Insider, with Morgan Stanley heading the bank group. The campus would rise in Hubbard, Texas, and serve as a massive computing hub for Anthropic, the maker of the Claude AI.
Google is backing the deal. The tech giant will guarantee Anthropic's financial obligations and is expected to get roughly a 20% equity stake in the project, according to Quartz. The financing package combines a $14 billion bridge loan with a revolving credit facility.
How Google's Guarantee Makes the $15B Deal Work
Google's role goes far beyond writing a check. The company will backstop Anthropic's lease obligations across multiple data centers and cover related power-purchase agreements, according to Quartz. That kind of guarantee gives lenders confidence in a project of this scale. Google is also expected to receive about a 20% equity stake in the Nexus campus as part of the arrangement.
Google has already poured enormous sums into Anthropic. It committed up to $40 billion in April, following an earlier investment of roughly $300 million for about 10% of the company in 2023 and an additional $2 billion shortly after, according to TipRanks. The new data center deal deepens that relationship even further.
A 1.6-Gigawatt Texas Campus Built for AI's Power Hunger
The Hubbard campus is designed to handle the extreme energy demands of AI computing. Plans call for a dedicated 1.6-gigawatt natural gas power plant built on-site. That removes the need to wait years for grid connections, a common bottleneck slowing AI data center builds across the country.
The project also includes a Verizon dark fiber agreement worth more than $1 billion linked to the site, according to Pulse 2.0. Dark fiber refers to unused fiber-optic cables that can carry massive amounts of data at high speed. Anthropic plans to run Google- and Broadcom-co-developed tensor processing units — specialized AI chips — at the campus, funded through a separate vendor deal.
Anthropic's Push to Build Its Own AI Infrastructure
Anthropic is racing to stop relying so heavily on outside cloud providers. The company is targeting at least 10 gigawatts of AI computing capacity in the coming years, according to Quartz. That is an enormous goal. For context, a single gigawatt can power roughly 750,000 homes.
To get there, Anthropic has struck a string of deals this year. Partners include AMD, SpaceX, and a joint collaboration with Google and Broadcom for custom AI chips. The Hubbard campus would be the crown jewel of that strategy — a purpose-built facility rather than rented space on someone else's servers.
Big Tech's Balance Sheets Are Bankrolling the AI Arms Race
The Anthropic deal is not happening in isolation. Across the industry, tech giants are using their financial firepower to fund massive AI infrastructure projects. OpenAI is pursuing similar financing strategies, according to Business Insider. The scale of these bets — measured in the tens of billions — marks a new phase in the AI buildout.
Morgan Stanley leading a $15 billion loan signals that traditional Wall Street banks see AI infrastructure as a safe bet, especially when Google is signing the guarantees. The Hubbard project, if completed, would stand as a landmark moment in how America is physically building its AI future.
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