According to a Reuters report citing the Wall Street Journal, Google is supporting a roughly $15 billion financing plan for its Texas data center project, Anthropic. If the deal goes through, Google will guarantee some of the lease and electricity payment obligations and is expected to acquire approximately a 20% stake in the project.
Financing plans are still under negotiation
The report states that Nexus Data Centers is in talks with banks for financing of its Hubbard, Texas campus, with Morgan Stanley leading the discussions. The proposal includes approximately $14 billion in bridge loans and a revolving credit facility.
The specific size of the revolving credit facility and the other lenders involved in the negotiations have not yet been disclosed. The report also states that Google has agreed to guarantee billions of dollars in lease and electricity payment obligations in the event of Anthropic's default, involving four data center leases and related power purchase agreements.
The park has its own 1.6 gigawatt power plant.
Nexus plans to include a natural gas power plant with a generating capacity of approximately 1.6 gigawatts at the site. This would allow the project to rely more heavily on the site's own power supply, rather than entirely on new capacity from the Texas power grid.
Electricity has become one of the major constraints on new data centers in the United States. AI training and inference facilities require continuous, large-scale power supply, while transmission lines, power generation assets, and grid connection approvals often take years. For developers, whoever can secure power first will find it easier to attract tenants and secure financing.
Mining companies' stock prices rose in tandem.
This type of project is not an isolated case. Since July, several US-listed companies that were originally primarily engaged in Bitcoin mining have signed large-scale, long-term agreements related to AI data centers, prompting the market to reassess the value of their power assets.
- TeraWulf signs 20-year lease with Anthropic
- Hut 8 and CleanSpark have announced new projects.
- IREN and Core Scientific expand their AI footprint
Shares of mining companies rose significantly on Thursday, driven by expectations of expansion in AI infrastructure. IREN closed up approximately 30.7%, Hut 8 rose 22.7%, CleanSpark rose 21.1%, Core Scientific rose 20.4%, and TeraWulf rose 18.1%.
Additional information:The report also stated that Anthropic plans to use TPU chips co-designed by Google and Broadcom at the campus, and this purchase will be financed separately through a supply agreement between Anthropic and Broadcom.
