Nexus in Talks for $15B Texas AI Campus Backed by Google Guarantees for Anthropic

Nexus Data Centers is in advanced negotiations to secure $15 billion in financing for an artificial-intelligence campus in Texas that would be leased to Anthropic, with Google providing financial guarantees to support the project, according to a CNBC report. The deal underscores the growing reliance on balance-sheet backing from major cloud providers to unlock capital for large-scale AI infrastructure.

A consortium of banks led by Morgan Stanley is expected to provide the funding for the campus in Hubbard, Texas. The proposed financing package includes a $14 billion bridge loan and a revolving credit facility, though the negotiations remain subject to change and the deal has not been finalized. The scale of the borrowing reflects the immense capital requirements of building dedicated AI compute capacity from the ground up.

The development is planned to include an on-site natural-gas power plant capable of generating 1.6 gigawatts of electricity. Dedicated generation would allow the campus to secure large volumes of power without relying entirely on grid connections, which have become a critical bottleneck for AI infrastructure projects across the United States. This approach is increasingly seen as a way to accelerate project timelines and reduce exposure to grid interconnection delays.

Google has guaranteed billions of dollars of Anthropic's lease and power-payment obligations in the event of a default, according to the report. The guarantees are limited to the support that lenders required to complete the financing. In return, Google is expected to receive an equity stake of roughly 20% in the data-center and power project. This structure allows Alphabet to support the deal without funding the full construction cost directly, while significantly reducing the risk profile for lenders.

Anthropic plans to use Google-designed tensor processing units, or TPUs, at the campus. Broadcom, which collaborates with Google on the chips, would support the hardware through a separate financing arrangement. The integration of custom silicon into the project highlights the deepening alignment between AI developers and chip designers as demand for specialized compute continues to surge.

The financing structure illustrates how large technology companies are leveraging their balance sheets to help AI developers and infrastructure operators secure funding. Alphabet disclosed 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 reported as much as $7.6 billion of exposure from financial guarantees. These figures represent maximum potential payments under specified default scenarios rather than expected losses, and they signal the scale at which cloud providers are now underwriting the AI buildout.

The agreements give Google the right to assume underlying leases for its own use or to sublease the facilities if a default occurs. Under certain conditions, Alphabet may also terminate a backstop by paying a fee, according to the filing. These provisions provide Google with flexibility while maintaining a measure of control over the assets if market conditions shift.

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, reflecting its strategy of maintaining multi-cloud availability for its offerings.

Anthropic announced plans in November 2025 to invest $50 billion in US computing infrastructure through projects with Fluidstack in Texas and New York. The broader 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. The Nexus deal, if completed, would mark one of the largest single-project financings in the AI infrastructure sector to date.