A banking group led by Morgan Stanley is in discussions to provide a $15 billion financing package for a data center campus in Hubbard, Texas, according to people familiar with the matter. The facility is being developed by Nexus Data Centers and is linked to AI company Anthropic, whose Claude large language models compete directly with OpenAI's ChatGPT in the enterprise AI market. If completed, the financing would rank among the largest single-site data center deals on record, reflecting the scale of capital being deployed as major technology companies race to secure computing capacity for advanced AI workloads.

The proposed package includes a $14 billion bridge loan along with a revolving credit facility. The size of the credit facility has not been disclosed, and the identities of other participating lenders remain unknown.

Google has reportedly agreed to guarantee billions of dollars in lease and power payment obligations should Anthropic default. The guarantee would cover four data center leases signed by Anthropic as well as associated power purchase agreements. The arrangement underscores the complex relationship between the two companies: Google, which has invested approximately $2 billion in Anthropic since 2023, also competes against the startup through its own Gemini family of AI models.

Google's Role in the Financing

In exchange for its guarantee, Google is expected to receive an equity stake of approximately 20% in the combined data center and power project. The company's financial backing would be limited to the minimum amount that lenders require to finalize the deal.

Neither Nexus Data Centers nor the involved banks have confirmed a completed transaction. The reported terms are based on sources familiar with the ongoing discussions.

The Texas campus is set to feature an on-site natural gas power plant expected to generate 1.6 gigawatts of electricity, which would reduce dependence on the local grid. Power availability has emerged as one of the most significant obstacles for new data center construction in the United States, as building new transmission infrastructure and generation capacity can take years. On-site generation has become an increasingly common solution for hyperscale facilities, with several major operators pursuing similar approaches to bypass grid interconnection delays.

Anthropic also intends to deploy processing chips co-designed by Google and Broadcom at the site. Those chips would be financed through a separate agreement with Broadcom.

Bitcoin Miners Expand Into AI Infrastructure

The Nexus project is competing for capital and tenants amid a wave of large-scale deals involving Bitcoin mining companies. These firms are leveraging existing power infrastructure, land, and permitting originally built for cryptocurrency mining to attract AI industry clients, offering a faster path to operational capacity than greenfield development.

TeraWulf signed a 20-year lease with Anthropic on July 6 valued at nearly $19 billion over its full term. The agreement covers approximately 401 megawatts of capacity in Kentucky.

CleanSpark signed a $6.6 billion lease for a Georgia site in the same month. The contract could expand to $11.6 billion if the customer chooses to extend.

Hut 8 signed a second lease at its Texas campus on July 20 worth $9.8 billion. When combined with a prior lease, the site's total contracted value reached $19.6 billion.

IREN announced $2.8 billion in new AI cloud contracts and raised its annual revenue target. Core Scientific separately reached an agreement to provide AMD with access to up to 2.5 gigawatts of capacity.

Shares of mining companies with AI exposure rose sharply on July 30. IREN closed approximately 30.7% higher, Hut 8 gained 22.7%, and CleanSpark rose 21.1%. Core Scientific added 20.4% and TeraWulf gained 18.1% on the same day. The gains followed earlier stock increases connected to July's series of AI leasing announcements.

Alphabet shares declined approximately 0.9% on July 30 as investors weighed the cost of the company's expanding AI infrastructure investments.

The next milestone for the Nexus project is formal confirmation of the financing terms from Morgan Stanley and the other participating banks. Until the deal closes, the loan size, guarantee structure, and Google's equity stake all remain unconfirmed.