Full Breakdown
Anthropic-Linked Texas Data Center Secures $1.3 Billion Private Credit Loan
8/20/2026, 10:56:47 AM
Financing Deal for the Hubbard Campus
Eagle Point Credit Management LLC is providing a roughly $1.3 billion private-credit loan for a sprawling AI data-center project in Hubbard, Texas, according to a person familiar with the transaction. The loan forms the mezzanine layer of a broader $16 billion project-finance package that will fund the construction of a 2,900-acre campus slated to become one of the nation’s largest facilities for training artificial-intelligence models.
Project Scope and Participants
The development is being undertaken by Nexus Data Centers, which plans to build the campus about 70 miles south of Dallas. Anthropic PBC will serve as the primary tenant, having won a competitive selection process for the site. Google (Alphabet Inc.) Banks—including Morgan Stanley—are leading the senior-debt portion of the financing, as previously reported by Bloomberg.
Financial Structure and Guarantees
Eagle Point, founded in 2012 by Thomas Majewski and Stone Point Capital, manages roughly $14 billion in assets and is the single largest investor in the mezzanine tranche. The loan’s structure places it below the safest parts of the overall financing, reflecting its higher-risk, higher-return profile. The mezzanine portion closed recently, per a statement seen by Bloomberg News. The deal’s size grew from an initial plan of about $150 million of senior secured financing in late-last-year to its current scale after multiple rounds of expansion.
Implications for AI Infrastructure Funding
The arrangement illustrates how private-credit firms are entering the “jumbo” financing space traditionally dominated by large asset managers, especially as demand for AI-focused data centers surges. Google’s guarantee may encourage additional investors to extend large sums despite the concentration of financial risk. Industry observers note that developers typically refinance construction debt by issuing new securities after project completion; one possibility mentioned by the source is that Nexus could issue high-yield bonds later this year to refinance the $15 billion bank-led component of the financing, pending a credit rating.
