Texas grid audit freezes interconnection, Anthropic's Texas data center refinancing stalls
Bloomberg reports that the Texas grid audit, rather than AI investment demand, has become the key constraint on refinancing for Anthropic's Texas computing campus. Banks led by Morgan Stanley have shelved a $5 billion to $7 billion junk bond issuance tied to the Texas data center leased by Anthropic. The pause stems from Governor Greg Abbott freezing approvals for new grid connections for data centers until Texas regulators complete the audit; this leaves 7 banks holding $14.2 billion in one-year loans already disbursed, with each bank exposed to about $2 billion.
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The Texas grid audit has stalled data center grid interconnection, which in turn affects refinancing for the computing campus leased by Anthropic, illustrating the power constraints on computing expansion.
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Bloomberg: A state grid audit, not investor demand for AI, is now the binding constraint on refinancing Anthropic’s Texas compute campus.
Morgan Stanley-led banks have shelved a $5B to $7B junk-bond sale tied to an Anthropic-leased Texas data center.
The pause follows Governor Greg Abbott’s freeze on approving new grid connections for data centers until Texas regulators finish an audit.
That leaves 7 banks holding a $14.2B one-year loan they have already disbursed, each with roughly $2B at stake.