Google Backs $15 Billion Texas Data Center for Anthropic

Morgan Stanley is leading the negotiations for the facility, which includes a $14 billion bridge loan and a revolving credit facility. The project addresses the critical scarcity of electricity in the US, as the on-site power plant allows the campus to bypass grid-dependency constraints that currently bottleneck AI infrastructure development. Google’s involvement extends beyond credit support; the tech giant is also expected to supply Anthropic with custom tensor processing units co-designed with Broadcom.

This move signals a shift in how hyperscalers manage AI expansion, utilizing their balance sheets to de-risk projects for specialized developers. While Google’s financial commitment serves as a backstop for Anthropic, it mirrors a broader industry trend where Bitcoin miners—including IREN, Hut 8, and CleanSpark—are pivoting their existing power-rich infrastructure toward high-performance computing. Following the news, shares for several mining companies with AI exposure saw double-digit gains, reflecting investor optimism regarding the valuation of power-backed data assets. Despite the market enthusiasm for miners, Google’s own shares dipped slightly as analysts weighed the long-term capital intensity of these massive infrastructure bets.