- Banks are delaying the sale of $5-7 billion in bonds tied to a $15 billion loan for an Anthropic-leased Texas data center.
- Texas has put a hold on new data center projects while it assesses risk to the state’s power grid.
- The lender group is led by Morgan Stanley; the project has financial support from Google.
- The data center, built by Nexus Data Centers in Hubbard, Texas, near Waco, is leased to Anthropic.
What Happened
A Morgan Stanley-led group of banks is delaying a planned bond sale tied to roughly $15 billion in debt financing a data center in Hubbard, Texas, near Waco, built by Nexus Data Centers and leased to Anthropic, with backing from Google. The lenders had expected to offload $5-7 billion of that debt via bonds this fall; that plan may now stretch out over the next year.
Why It Matters
The delay comes as Texas regulators paused approval of new data center projects while they assess strain on the state’s power grid, a sign that grid capacity — not just capital availability — is becoming a real constraint on the AI buildout. It also means the banks will carry Anthropic-linked debt on their own balance sheets longer than planned.
Technical Details
Banks typically originate large data-center loans and then sell down the debt to institutional investors to free up balance-sheet capacity for new deals. A slower bond sale doesn’t kill the financing, but it ties up more of the lead banks’ capital for longer and depends on Texas lifting its hold on new projects.
Who’s Affected
The delay lands as Anthropic ramps up computing infrastructure spending ahead of its planned IPO, making reliable access to data-center capacity more pressing. Google’s financial backing of the project ties its own AI infrastructure strategy to how quickly Texas resolves its grid review.
What’s Next
How long Texas keeps new data center approvals on hold will determine whether the bond sale timeline stretches further. Anthropic’s IPO filings will be one place to watch for how much this kind of financing friction is factored into its disclosed infrastructure costs.
Source: Bloomberg, Oct 28, 2026
Related: Anthropic’s IPO filing disclosing an $80.7 billion net loss and Anthropic’s separate $45 billion compute deal talks with Nscale.
