A Texas grid audit has stalled a $5 billion to $7 billion bond sale for an Anthropic data center.

A recent Bloomberg report indicates that a grid audit by Texas state authorities, rather than investor demand for artificial intelligence, is delaying a significant refinancing effort for a data center campus in Texas leased by Anthropic. The delay affects a planned $5 billion to $7 billion bond sale meant to refinance the campus, which was developed by Nexus Data Centers.

The audit is part of a broader review initiated by Texas Governor Greg Abbott, which has halted approvals for new data centers while the Electric Reliability Council of Texas (ERCOT) assesses the facilities' impact on the power grid.

The audit has led to the shelving of plans to refinance the existing loan through high-yield bonds, leaving the banking group led by Morgan Stanley exposed to extended debt obligations. The development comes amid growing scrutiny of data center operations in Texas, as the state evaluates the environmental and infrastructural implications of such facilities. The audit and the resulting refinancing delay appear to have reinforced market perceptions of potential regulatory challenges facing the state's data center sector.

**Key Takeaways**

- The delay in refinancing due to the Texas grid audit suggests increased regulatory scrutiny of data centers.

- Market odds for a Texas data center moratorium by December 2028 have risen, reflecting concerns about regulatory challenges.

- The grid audit and refinancing delay appear consistent with scenarios of increased likelihood for regulatory action.

**What to Watch**

Markets are closely monitoring ERCOT's audit results, which could indicate whether further regulatory measures, such as a moratorium, might be enacted. Announcements from Governor Abbott or legislative actions regarding data center operations will be pivotal in shaping future market expectations. The completion of the audit and its findings may significantly influence the direction of data center policy in Texas.

**Term Structure**

Odds are shown for each contract, with the change since publication and 24-hour trading volume:

- January 1, 2027: 1.8% odds, 0.0¢ change, $666 volume (24h)

- January 1, 2028: 24% odds, +3¢ change, $158 volume (24h)

- July 1, 2027: 14.5% odds, 0.0¢ change, $22 volume (24h)

- January 1, 2029: 38.5% odds, +1.5¢ change, $674 volume (24h)

*Updated 8 minutes ago.*