Wall Street Banks Launch $15 Billion Debt for Texas Data Center

A group of Wall Street banks is preparing to issue $15 billion in bonds to refinance a massive data center project under construction in Texas, supported by Google and leased by Anthropic, an AI company. Morgan Stanley leads a banking coalition planning to refinance the loans through multiple bond tranches, allowing banks to reduce their exposure to AI project financing risks. The bond market has become a preferred option for funding large AI projects, although the upcoming bonds are expected to receive a non-investment grade credit rating, meaning investors will bear risks related to construction delays or cost overruns.