Nexus Hubbard

Nexus Data Centers · Hubbard · Hill County

Nexus Data Centers owns and builds the Hubbard campus and its gas plant, Anthropic is the anchor tenant, and Google guarantees the senior debt. A lab with no infrastructure of its own gets a gas-powered campus financed on a hyperscaler's credit.

Who holds each layer of the Nexus Hubbard deal: Nexus holds site, power and buildings; Anthropic is tenant; Google guarantees the debt. WHO HOLDS EACH LAYER LAND AND SITE Nexus Data Centers POWER Nexus-owned on-site gas plant BUILDINGS AND OPERATIONS Nexus Data Centers COMPUTE Google TPUs, Broadcom vendor financing TENANT Anthropic, four leases (reported) CREDIT Google guarantees senior debt
Planned
About 500 MW first phase
Power
On-site gas
Land
About 2,900 acres
Status
Under construction
County
Hill
Sector
AI and data centers

Overview

Nexus Builds, Anthropic Leases, Google Guarantees

Hubbard sits in Hill County about 70 miles south of Dallas, beside a major natural gas pipeline. Nexus Data Centers, led by CEO Ivan Van der Walt, proposed the campus in December 2025 and started Building 1 in January 2026. Anthropic signed in March 2026 after a competitive process for the anchor tenancy.

The first phase is about 500 MW at a reported cost above $5B. Nexus states a ceiling of about 7.7 GW for the full site, which is not committed capacity. See Anthropic's Texas compute.

Profile
Developer and ownerNexus Data Centers
Anchor tenantAnthropic
GuarantorGoogle (senior debt; about 20% equity reported)
LocationHubbard, Hill County, about 70 miles south of Dallas
LandAbout 2,900 acres
CapacityAbout 500 MW first phase; 7.7 GW stated site ceiling
PowerBehind-the-meter, Nexus-owned gas plant (1.6 GW reported)
ChipsGoogle TPUs
Building 1491,378 sq ft, $400M; January 2026 to October 2027
Building 2June 2026 to January 2028

Deal structure

Google Lends Its Credit to a Campus It Does Not Run

Nexus closed financing for Phase 1 in August 2026: a package of about $16B, with about $15B of senior bank debt led by Morgan Stanley and a $1.3B mezzanine loan led by Eagle Point Credit Management. Google guarantees the senior debt, which lowers the cost of borrowing; the Wall Street Journal reported Google's guarantee was capped at the minimum lenders required and would earn it about 20% equity in the campus and power plant.

Anthropic holds four data center leases with matching power purchase agreements, per the Journal, and plans to run Google tensor processing units (TPUs) co-developed with Broadcom, which covers the chip cost through vendor financing. Nexus may refinance the bank debt with high-yield bonds. A different arrangement runs at Hut 8 Beacon Point, where each layer of the stack sells to the next. See Google's Texas compute.

Energy model

A Gas Plant Fed From the Adjacent Pipeline

Nexus owns the gas turbines that power the campus behind the meter (BTM), drawing fuel from the pipeline that sets the site location. Reports put initial generation at 1.6 GW, well above the 500 MW first-phase IT load, leaving room for later phases. Nexus pairs the plant with its own fiber and water infrastructure. See Behind-the-Meter Power.

Constraints

The Plant's Air Permit Is on Hold

Nexus's air permit application to the Texas Commission on Environmental Quality (TCEQ) for the Hubbard power plant is on hold under Governor Abbott's September 21, 2026 pause on data center permits. The pause lasts until the Electric Reliability Council of Texas (ERCOT) and the Public Utility Commission of Texas (PUCT) finish their large-load audit, expected in mid-December 2026. Building 1 is due in October 2027 and needs that plant to run off-grid. See the Texas data center permit pause.

Record

Dataset Record

Sources
Wall Street Journal, Bloomberg, Financial Times, Data Center Dynamics, The Next Web, W.Media, Octus, Techstrong, TDLR filings, Office of the Governor of Texas
Last verified
October 2026