The $200 billion financing behemoth behind Anthropic: Wall Street is buying chips, while Google and Broadcom provide backing.

Beating AI News: Behind Anthropic’s Google computing power deal, a roughly $200 billion financing and contract ecosystem has been set up. The Financial Times reports that around 80% of this structure is tied to TPU chips. Anthropic does not need to front all the capital itself; funds for chip purchases come mainly from Wall Street, while Google and Broadcom provide backing for data centers and chips respectively. The first batch of TPU chips, totaling ~$35 billion and 1GW, is first sold by Google to Broadcom, then transferred to a special purpose vehicle (SPV)—a financing entity established exclusively for this transaction. Firms including Apollo and Blackstone provide debt financing to the SPV, which buys roughly 1 million TPU chips and leases them to Anthropic. Broadcom offers residual value support for around $30 billion of this amount. If Anthropic defaults on rent payments later and proceeds from selling the TPU chips are insufficient to repay debts, Broadcom will cover the shortfall for senior creditors. Data centers are backed by Google’s guarantees: Google underwrites Anthropic’s leases, enabling developers to borrow funds for data center construction using Google’s credit. The FT notes that Google has supported 10 projects totaling 2.4GW, with a maximum potential exposure of around $440 billion. The full chain operates as: Wall Street funds chip purchases, Anthropic pays rent, Broadcom guarantees chip residual value, and Google backs data center leases. A multi-hundred-billion-dollar computing power order is thus split into layers of financing and guarantees.