Google has reportedly agreed to back a $15 billion financing package for Anthropic’s Nexus data center project in Hubbard, Texas. The decision resonated across financial markets on July 30, sparking a rally in shares of Bitcoin mining companies with a track record of pivoting into high-performance computing. IREN led the gains, jumping 30.7% to $38.26, while Hut 8 rose 22.7% to break past $108.27 per share.
Green numbers swept across other crypto mining firms as well. CleanSpark shares gained 21.1%, Core Scientific added 20.4%, and TeraWulf advanced 18.1%. Markets responded enthusiastically as these companies hold direct ties to the power infrastructure sustaining artificial intelligence operations.
Financing Structure and Ownership
The Texas financing package consists of two components: a $14 billion bridge loan led by Morgan Stanley, alongside an undisclosed revolving credit facility. This is where Google stepped in to facilitate the deal. The company reportedly agreed to back billions of dollars in lease liabilities spanning four data centers while also guaranteeing power bills should Anthropic default on payments.
In exchange for assuming this risk, Google is expected to receive an equity stake of roughly 20% in the joint venture. Nexus plans to develop a data center campus paired on-site with a 1.6-gigawatt natural gas power plant. At this facility, Anthropic will run operations using custom TPU processors co-designed by Google and Broadcom - with the chip units funded via a separate arrangement with Broadcom.
Multibillion-Dollar Contract Values
The strong link between Anthropic’s expansion and the surge in crypto mining stocks lies in the massive supply agreements already in place. TeraWulf, for instance, signed a 20-year contract valued at approximately $19 billion with Anthropic to deliver 401 megawatts (MW) of power. CleanSpark holds a similar agreement worth $6.6 billion to supply 175 MW of capacity.
Other miners are also reaping rewards from the AI computing supply chain. IREN holds AI cloud hosting contracts valued at over $4 billion annually, while Core Scientific has an infrastructure deal with AMD spanning up to 2.5 gigawatts of capacity. These extensive agreements have convinced the market of the immense value inherent in crypto miners’ energy assets.
Despite billions of dollars pouring into the space, Nexus has not yet announced a final closing for the Texas project. Details surrounding interest rates and specific guarantee clauses from Google reportedly remain on the negotiating table. For crypto miners, however, this momentum marks a new milestone: their power infrastructure has become just as valuable as the digital assets they mine.
Reported via crypto.news.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
