Anthropic data centre project has reached a significant financing milestone after a consortium of banks prepared to refinance $15 billion in construction debt through the bond market. The financing supports one of the largest artificial intelligence infrastructure developments currently under construction in the United States. Located on a 2,000-acre site in Hubbard, Texas, the campus will provide dedicated computing infrastructure for Anthropic while strengthening America’s rapidly expanding AI ecosystem. The transaction also highlights how capital markets are becoming increasingly important in funding large-scale digital infrastructure projects.
A banking group led by Morgan Stanley intends to syndicate the debt once Nexus Data Centers draws the construction loans against agreed project milestones. The financing package will likely be split into several bond issuances, allowing investors to participate as construction progresses. The structure enables lenders to reduce their exposure while freeing additional capital for future AI infrastructure developments. Financial Times first reported the planned refinancing, citing people familiar with the matter.
The consortium comprising of Morgan Stanley, JPMorgan Chase, Royal Bank of Canada (RBC), TD Securities and Mizuho Financial Group is arranging the $15 billion construction debt package for the Hubbard, Texas campus. The lenders intend to refinance the debt through multiple bond issuances once Nexus Data Centers draws the loans against agreed construction milestones. The structure enables banks to recycle capital while reducing their direct exposure to rapidly growing AI infrastructure lending.
Unlike traditional commercial real estate projects, the Texas campus combines hyperscale data centre facilities with dedicated energy infrastructure. As a result, lenders must assess both digital infrastructure and power generation risks before committing long-term capital.
Anthropic data centre project adopts innovative financing strategy
The Hubbard campus remains under construction and will eventually house Google’s custom Tensor Processing Unit (TPU) chips, which Anthropic will use to train and operate advanced artificial intelligence models. However, the TPU hardware will be financed separately from the construction package.
Nexus Data Centers is developing the campus under a delayed-draw loan facility. Therefore, the developer can access funding in stages after meeting specific construction milestones. This approach aligns financing with project delivery while reducing borrowing costs during the early phases of construction.
Once portions of the loan are drawn, Morgan Stanley and its banking partners plan to refinance the debt through institutional bond investors. Some of the financing could also move into the leveraged loan market, depending on market conditions and investor demand.
Although Google provides financial support for the development, its backstop only becomes effective after the project reaches completion. Consequently, bond investors will assume construction risks, including possible schedule delays and cost overruns before the guarantee takes effect.
The financing structure reflects a broader shift in AI infrastructure funding. Previously, banks retained most construction loans on their balance sheets. Today, they increasingly transfer long-term exposure to bond investors as artificial intelligence projects continue to grow in both scale and complexity.
Anthropic data centre project strengthens AI construction in Texas
The Texas development demonstrates how hyperscale AI projects increasingly integrate digital infrastructure with dedicated power generation. The campus will operate alongside its own natural gas-fired power plant, reducing dependence on the regional electricity grid while ensuring reliable power for intensive computing workloads.
Developers have adopted this model because electricity demand from AI data centres continues to rise across Texas. At the same time, grid constraints and longer utility connection timelines have encouraged many projects to secure independent power supplies.
However, combining energy assets with data centre infrastructure creates additional financing challenges. Investors must evaluate construction risks associated with both facilities instead of assessing a conventional data centre alone. Similar financing structures have recently emerged on other AI developments that include behind-the-meter power generation.
Meanwhile, Wall Street lenders continue managing their growing exposure to AI infrastructure. Earlier this year, banks also sought investors for more than $50 billion in construction debt linked to Oracle-leased data centres. The Anthropic transaction therefore reflects a wider evolution in digital infrastructure finance rather than an isolated refinancing effort.
As AI demand continues expanding, integrated campuses like Hubbard are expected to influence future project delivery models. Developers, financiers and technology companies increasingly recognize that reliable energy infrastructure has become just as important as computing capacity in delivering next-generation artificial intelligence facilities.
Google’s support for the Hubbard campus also aligns with its wider investment in AI infrastructure across the United States. The company continues expanding its digital footprint through projects such as Google’s Council Bluffs data centre expansion, which is increasing cloud and AI computing capacity in Iowa alongside new investments in Cedar Rapids.
Also read: 1GW Beacon Point Data Center Advances in Texas with Nvidia-Backed Lease Worth Up to $50.2 Billion
Project fact sheet
Project name: Anthropic Data Centre Project
Location: Hubbard, Texas, United States
Site size: Approximately 2,000 acres
Project type: Hyperscale AI data centre campus
Project developer: Nexus Data Centers
Primary tenant: Anthropic
Strategic technology partner: Google
Construction financing: $15 billion debt package
Power infrastructure: Dedicated on-site natural gas-fired power plant
AI infrastructure: Google Tensor Processing Units (TPUs), financed separately
Financing model: Delayed-draw construction loan with planned bond market refinancing
Current status: Under construction; banks preparing multiple bond issuances to refinance drawn construction debt
Significance: Among the largest AI infrastructure financing transactions supporting U.S. data centre construction
Project Team
Developer: Nexus Data Centers
Lead tenant: Anthropic
Strategic technology partner: Google
Lead financial arranger: Morgan Stanley
Financing banks:
AI hardware: Google Tensor Processing Units (TPUs)
Hardware financing partner: Broadcom
Future debt investors: Institutional bond investors and leveraged loan investors
Power infrastructure: Dedicated on-site natural gas-fired power plant
Also read: $14bn Meta Data Center: BlackRock Secures $12.5bn Debt Financing for Texas AI Construction Campus
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