A consortium of banks, spearheaded by Morgan Stanley, is reportedly negotiating a $15 billion financing package for a data center project in Texas that will serve AI startup Anthropic. This substantial funding comprises a $14 billion bridge loan and a revolving credit facility. The financing is structured for Nexus Data Centers, the developer, rather than Anthropic directly.
Google, a key backer of Anthropic, is playing a crucial role by providing financial guarantees for billions of dollars of Anthropic's lease and power-payment commitments. In exchange for its support, Google is anticipated to acquire an approximate 20% equity stake in the data center and power generation project. These guarantees are essential for lenders to complete the financing, though Google's exposure is limited to the minimum required by them.
The data center campus in Hubbard, Texas, will include an on-site natural-gas-fired power plant capable of generating 1.6 gigawatts of electricity. Anthropic plans to equip this facility with tensor processing units, which are chips co-designed by Google and Broadcom. The funding for these chips will be secured through a separate vendor-financing arrangement between Anthropic and Broadcom.
This initiative highlights the significant capital flowing into AI infrastructure, driven by the escalating demand for computing power. The financing structure, with Google's guarantees and equity stake, underscores the interconnectedness of major tech companies and AI startups in developing the necessary infrastructure for advanced AI. The guarantees cover four data-center leases signed by Anthropic and related power-purchase agreements.
While Google is providing guarantees, the debt is primarily held by the developer, Nexus Data Centers, and not Anthropic directly. This arrangement helps manage the perceived risk for lenders. The Wall Street Journal and other sources have reported on these ongoing talks, indicating the advanced stage of these financial discussions.
