Anthropic data center loan talks put $15 billion behind Texas AI buildout

A proposed $15 billion Anthropic data center loan would help finance a major artificial intelligence buildout in Texas, according to CNBC. For retail investors watching the AI trade, the talks show how much money is being lined up behind the computing infrastructure that companies like Anthropic need to train and run their models.

Morgan Stanley is the lead banker in advanced discussions to lend $15 billion to Nexus Data Centers, CNBC reported Thursday. Nexus would use the money to develop a data center campus in Hubbard, Texas, for Anthropic, CNBC said, citing a person familiar with the private talks.

The Wall Street Journal first reported the financing discussions, according to CNBC.

What is the Anthropic data center loan?

The financing under discussion is a large loan to Nexus Data Centers, the company expected to build the Texas campus for Anthropic, according to CNBC. Data centers are the physical sites packed with servers, power equipment and cooling systems that AI companies rely on for computing capacity.

CNBC reported that Google agreed to backstop Anthropic with its investment-grade credit rating, citing the person familiar with the matter. An investment-grade credit rating means rating agencies view a borrower as having lower credit risk than speculative-grade issuers. In plain English, Google’s stronger credit profile could help support the financing, though CNBC did not detail the full structure of that backstop.

The talks have not been announced as a completed deal. CNBC said the person who described the discussions asked not to be named because the details are confidential.

Why Anthropic needs more computing power

Anthropic has been signing infrastructure deals this year as it works to expand its computing capacity, CNBC reported. The company reached an agreement with Advanced Micro Devices earlier this month, struck a deal with Elon Musk’s SpaceX in May, and made agreements with Google and Broadcom in April, according to CNBC.

The push reflects a basic constraint in AI: advanced models require large amounts of computing power, and that capacity depends on chips, data centers, power access and financing. For public-market investors, that spending ties together several listed companies across the AI supply chain, including banks, chipmakers, cloud providers and infrastructure firms.

Google’s role is especially notable because of its existing relationship with Anthropic. CNBC reported that Google agreed in April to invest up to $40 billion in the AI company. That followed an earlier $300 million investment in 2023 for a stake of about 10%, and another $2 billion commitment months later, according to CNBC.

Anthropic and Nexus Data Centers declined to comment to CNBC. Morgan Stanley also declined to comment. Google did not immediately respond to CNBC’s request for comment.

This story draws on original reporting from CNBC.