Anthropic campus seeks a $15B Google backstop

Nexus Data Centers is reportedly in advanced talks for a $15 billion loan to build an Anthropic campus in Hubbard, Texas, with Google backstopping Anthropic using its investment-grade credit. CNBC’s account of the financing says Morgan Stanley is leading the talks, while Anthropic, Nexus, and Morgan Stanley declined to comment. After Nvidia’s circular $50 billion Texas lease showed vendors reserving their own capacity, operators should file this as another sign that frontier-model supply now depends as much on a sponsor’s balance sheet as on model quality.