Banks Plan $15 Billion Debt Sale for Google-Backed Anthropic Data Center

Anthropic, the maker of Claude, is seeking more control over the computing infrastructure needed to train and run frontier AI models. Nexus Data Centers is developing a large campus in Hubbard, Texas, with financial support from Google, an Anthropic investor and cloud partner. The structure gives Anthropic access to capacity without placing the full construction debt on its own balance sheet, but it adds to banks’ increasingly concentrated exposure to multibillion-dollar AI infrastructure projects.

As of Aug. 5, 2026, a Morgan Stanley-led bank group was preparing to sell as much as $15 billion of debt tied to the project to bond investors, freeing capacity for further lending. The financing includes about $14 billion of bridge loans plus a revolving credit facility for the Hubbard campus and its planned 1.6-gigawatt natural-gas power plant. Google has guaranteed billions of dollars of Anthropic’s lease and power-payment obligations, strengthening the credit package offered to investors.