Google's credit rating backstops a $15B loan for Anthropic's Texas data center
A Morgan Stanley-led bank group is in advanced talks to lend $15 billion to Nexus Data Centers for an Anthropic campus in Hubbard, Texas — $14 billion as a bridge loan, the rest revolving. Google is guaranteeing billions of Anthropic's lease and power obligations across four leases with its investment-grade credit rating, taking roughly 20% equity in the data center and power project in return. Frontier-lab compute is now financed on hyperscaler credit rather than startup credit, and the site — its own 1.6-gigawatt natural gas plant, the TPUs Google codesigns with Broadcom — keeps Anthropic inside Google's stack.
Source: cnbc.com ↗
Google agreed to backstop Anthropic with its investment-grade credit rating.
CNBC source
Why this matters
- → Frontier AI now finances on hyperscaler credit, not startup risk.
- → Google's 20% stake locks Anthropic into Google silicon and power.
- → $15B debt implies TPU+datacenter commoditized enough to securitize.
Hyperscaler credit backstop