Banks are planning to offload $15bn of debt tied to a Google‑backed data centre in Texas that has been leased to Anthropic, as Wall Street lenders grow wary of holding AI infrastructure debt on their balance sheets. A consortium led by Morgan Stanley will tap the bond market to refinance the debt for the 2,000‑acre campus in Hubbard, Texas, once loans are drawn.

The bond market has become a popular avenue for colossal AI projects to raise long‑term capital because its depth allows faster and cheaper financing than bank loans. Jettisoning the debt also reduces banks’ AI risk exposure and frees capacity for more lending. Meanwhile, the infrastructure‑financing market, once dominated by pipelines and airports, is now saturated with AI build‑outs.

The $15bn package is expected to split into multiple bond sales, with a delay‑draw feature letting Nexus Data Centers withdraw debt over time after construction milestones. The bonds will carry speculative‑grade ratings, even with Google’s backstop, meaning investors bear construction and cost‑overrun risks.