Wall Street races to offload $15B Google-backed AI data center debt

Financial institutions are growing hesitant to carry AI debt liabilities, and that list includes the banks financing the Google-sponsored Texas data center under lease to Anthropic.

According to insiders, the project’s lenders, including Morgan Stanley, intend to offload their debt commitments for the 2,000-acre Texas data center campus by selling bonds as soon as the loans are drawn. Ideally, shedding the debt reduces AI risk and frees up vital capital for these lenders. 

The shift is part of the wider change in how Wall Street is financing AI infrastructure. Lenders are eager to participate in the growth of the sector but fewer and fewer are willing to hold large AI-related loans on their own balance sheets.

Data center developments require billions of dollars in upfront investment, long construction timelines, and depend on sustained demand from AI companies whose long-term revenue prospects remain uncertain. Selling the debt through bond markets allows banks to recycle capital while limiting exposure to a single high-risk sector.

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