Investing.com — A data center developer working with Anthropic is reportedly in final stage discussions to secure $15 billion in financing for a new campus and power plant in Texas, with Google offering financial backing and chip supply.
A group of banks led by Morgan Stanley would provide the $15 billion loan to Nexus Data Centers for construction of the facility in Hubbard, Texas, the Wall Street Journal reported on Thursday. The campus will include a natural gas power plant with 1.6 gigawatts of generating capacity. The deal could be announced as soon as today.
Google has issued guarantees covering billions of dollars of Anthropic’s lease and power payment obligations if the AI startup fails to meet its commitments. The guarantees apply to four data center leases signed by Anthropic and related power purchase agreements tied to the on-site power plant.
The structure shows how established technology companies and chip makers are using their balance sheets to fund infrastructure for newer AI developers. OpenAI has discussed a similar arrangement with Nvidia (NASDAQ:NVDA) for a $250 billion backed Ohio campus that could reach 10 gigawatts.
Anthropic will deploy tensor processing units at the site, which Google codesigns with Broadcom (NASDAQ:AVGO). A separate vendor financing agreement between Anthropic and Broadcom will cover the chip costs, the report said.
The financing package includes a $14 billion bridge loan and a revolving credit facility. Google will receive approximately 20% equity ownership in the data center and power project in return for its backing.
The Hubbard development is part of Anthropic’s strategy to lease data centers directly instead of renting server capacity from cloud providers. The company has signed over a dozen preliminary lease agreements with U.S. developers and targets at least 10 gigawatts of capacity in coming years. Tim Hughes, a former Stack Infrastructure executive hired this year, leads the leasing initiative.
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