Nexus Seeks $15B for Anthropic Texas AI Data Center With Google Backstop

Nexus Data Centers is in advanced talks to borrow $15 billion for an artificial-intelligence campus in Texas that would be leased to Anthropic, with Google providing financial support for the project, CNBC reported.

A group of banks led by Morgan Stanley would provide the financing to build the campus in Hubbard, Texas, according to the report. The proposed package includes a $14 billion bridge loan and a revolving credit facility. The negotiations remain subject to change and the financing has not been finalized.

The development would include an on-site natural-gas power plant capable of generating 1.6 gigawatts of electricity, CNBC said. Dedicated generation would allow the campus to secure large amounts of power without relying entirely on a grid connection, which has become a significant constraint for AI infrastructure projects.

Google has guaranteed billions of dollars of Anthropic’s lease and power-payment obligations if the AI company defaults, according to CNBC. The guarantees are limited to the support lenders required to complete the financing. Google is expected to receive an equity stake of roughly 20% in the data-center and power project in return.

Anthropic plans to use Google-designed tensor processing units, or TPUs, at the campus. Broadcom, which works with Google on the chips, would support the hardware through a separate financing arrangement.

The structure illustrates how large technology companies are using their balance sheets to help AI developers and infrastructure operators secure funding. A guarantee from Google reduces the risk faced by lenders without requiring Alphabet to fund the full construction cost directly.

Alphabet said in its latest quarterly filing that the maximum potential exposure from credit-derivative backstops related to data centers reached $43.8 billion as of June 30, up from $16.9 billion at the end of 2025. The company separately disclosed as much as $7.6 billion of exposure from financial guarantees. Those figures represent maximum potential payments under specified default scenarios, rather than expected losses.

The agreements give Google the right to assume underlying leases for its own use or sublease the facilities if a default occurs. Under certain conditions, it may also terminate a backstop by paying a fee, according to Alphabet’s filing.

Google’s role in the Texas project deepens an already extensive relationship with Anthropic. The companies said in April that they had expanded their partnership to provide the Claude developer with multiple gigawatts of next-generation computing capacity using Google and Broadcom technology. Anthropic nevertheless continues to distribute its models through several cloud providers, including Amazon Web Services and Microsoft Azure, as well as Google Cloud. Anthropic

Anthropic announced plans in November 2025 to invest $50 billion in US computing infrastructure through projects with Fluidstack in Texas and New York. The wider industry’s construction push has increased scrutiny of the financial ties among AI developers, cloud companies, chip suppliers and data-center operators, particularly as projects depend on long-term lease commitments from companies that are still spending heavily to expand.