Major AI Campus Funding
Morgan Stanley leads $15 billion financing for Anthropic's Texas AI campus, backed by Google
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Morgan Stanley is leading a $15 billion financing package to build a massive AI campus in Hubbard, Texas — one of the largest data center deals ever struck, according to The Street. The money goes to Nexus Data Centers, a data center developer, which will build and own the campus. Anthropic, the AI company behind the Claude chatbot, will then lease the space.
The deal includes a $14 billion bridge loan and a revolving credit facility, Miami Herald reported. A bridge loan is short-term financing used until longer-term funding is arranged. Google agreed to backstop the deal using its top-tier credit rating, giving lenders the confidence they needed to close.
Why the Loan Goes to Nexus, Not Anthropic
Anthropic is not the borrower here — Nexus Data Centers is. Nexus will build and own the campus, then lease it to Anthropic. This structure is common in big tech infrastructure deals. It lets AI companies like Anthropic get the computing power they need without taking on massive debt directly, according to Charlotte Observer.
The financing covers four data center leases that Anthropic will sign with Nexus. It also covers power purchase agreements tied to an on-site natural gas plant, Sun Herald reported. That plant will supply electricity directly to the campus, cutting reliance on the public power grid.
Google Backstops the Deal, Gets 20% Equity Stake
Google agreed to guarantee Anthropic's obligations in the deal. Lenders needed a creditworthy guarantor to feel safe putting up $15 billion. Google's investment-grade credit rating fit the bill. Its exposure was limited to the minimum amount lenders required to close, according to The News Tribune.
In exchange for taking on that risk, Google is expected to receive roughly 20% equity ownership in the data center and power project, Tri-City Herald reported. That means Google gets a real ownership stake — not just a loan repayment — in the Texas campus itself.
Google's Deepening $40B Bet on Anthropic
This backstop deal is not Google's first major move with Anthropic. In April, Google agreed to invest up to $40 billion in the AI startup, Ledger-Enquirer reported. That earlier deal already made Google one of Anthropic's biggest financial backers. The new Texas guarantee deepens that relationship further.
Anthropic is seen as one of the top rivals to OpenAI in the race to build powerful AI. The Hubbard campus will give Anthropic a major boost in computing power — the raw hardware muscle needed to train and run advanced AI models, according to Island Packet.
Hubbard, Texas: A Small Town at the Center of the AI Boom
Hubbard is a small city in central Texas with a population of roughly 1,500 people. It is now the site of one of the most ambitious AI infrastructure projects in US history. Land costs, available power, and Texas's business-friendly environment make it an attractive spot for massive data centers, Macon reported.
The campus will need enormous amounts of electricity to run its servers. The on-site natural gas plant is a direct answer to that demand. Building power generation on-site is a growing trend as AI data centers push local power grids to their limits, according to Sun Herald.
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