Morgan Stanley Leads $15B Debt Package for Anthropic's Texas Campus — Google Takes 20% Equity in the Project
The financing architecture behind Anthropic’s largest known data center is coming into view. A banking group led by Morgan Stanley is in discussions to provide a $15 billion package for a campus in Hubbard, Texas developed by Nexus Data Centers. The structure includes a $14 billion bridge loan as the core instrument.
Google’s role goes beyond its equity position in Anthropic itself. The company has agreed to guarantee billions of dollars in Anthropic’s lease and power obligations at the campus in exchange for an approximately 20% equity stake in the data center and power infrastructure — a separate exposure from its $40 billion investment in the AI company.
The Power Problem
The campus is being built around an on-site natural gas power plant generating 1.6 gigawatts of electricity. That scale of dedicated generation — equivalent to a small city’s peak load — is the infrastructure industry’s answer to a constraint that blocked more than $130 billion in data center projects in 2026: grid interconnection queues in Texas now run two to five years.
By generating power on-site, Nexus eliminates the grid dependency. The tradeoff is capital intensity: a 1.6GW gas plant requires several billion dollars of construction financing before it generates a watt. It also means the campus can scale without competing for grid capacity against municipalities, industrial users, or other data center developers in the same region.
The Silicon Layer
Anthropic plans to deploy processing chips at the Texas site that were co-designed by Google and Broadcom. Those are the same TPU-class chips anchoring Anthropic’s cloud compute stack under the infrastructure agreement Broadcom disclosed in a recent 8-K filing through 2031. The Texas facility is where a significant share of that silicon lands physically.
The chip design relationship gives Google a structural presence in the campus beyond the equity stake. Custom silicon designed jointly by Google and Broadcom, funded partly by Morgan Stanley debt, operated at a facility where Google holds an equity position: the layers of financial and technical integration compound quickly.
Bitcoin Miners Get the Reward
Several Bitcoin mining companies disclosed AI leasing deals on July 30, with shares rising sharply across the group. TeraWulf, CleanSpark, Hut 8, IREN, and Core Scientific all signed large-scale AI agreements. These operators have two things Anthropic needs: permitted land with power already connected, and operating experience running high-density compute at scale.
The Bitcoin-mining-to-AI-colocation trade has been underway for 18 months. The Texas financing package is the clearest signal yet that it is entering the institutionalized phase — structured bank debt, corporate guarantors, and underwriters replacing the earlier wave of bilateral operator agreements.
Scale in Context
| Metric | Hubbard, Texas Campus |
|---|---|
| Total financing package | $15B |
| Bridge loan | $14B |
| Lead bank | Morgan Stanley |
| On-site generation | 1.6GW |
| Google equity in project | ~20% |
| Developer | Nexus Data Centers |
| Silicon | Google-Broadcom co-designed TPUs |
The deal would be among the five largest single-asset AI infrastructure financings announced this year. A $14 billion bridge loan at that scale will ultimately be refinanced into longer-term instruments, following the same playbook used for the Beacon Point and TeraWulf Kentucky leases completed earlier this month.
The Hubbard campus sidesteps two of the three obstacles that blocked 2026’s other major projects. Dedicated power eliminates the grid interconnection bottleneck. Nexus is already operational at the site, avoiding the permitting delays that have stalled projects in Virginia, Arizona, and Utah. The remaining variable is execution: getting 1.6GW of gas generation and the data center infrastructure to operational status on a timeline that matches Anthropic’s compute demand.