Anthropic secures $200 billion in financing for TPU compute power via SPV and guarantees from Google and Broadcom.

Breaking News from Dòngchá Beating AI: Anthropic is set to secure hundreds of billions of dollars in TPU computing power—without upfront payment. After dissecting the financing chain, the Financial Times found that the funding for the chips primarily comes from Wall Street, with Google and Broadcom providing backing for data centers and chips, respectively. The first batch of approximately $35 billion in TPU capacity, equivalent to 1 GW, is initially sold by Google to Broadcom, then transferred to a dedicated financing SPV. Institutions such as Apollo and Blackstone provide debt financing to the SPV, which purchases around one million TPUs and leases them to Anthropic. Broadcom provides residual value support for roughly $30 billion of this amount. If Anthropic defaults on lease payments and the resale value of the TPUs is insufficient to cover debt obligations, Broadcom must cover the shortfall for senior creditors. On the data center side, Google steps in. Google guarantees Anthropic’s lease agreements, enabling developers to borrow funds using Google’s creditworthiness to construct facilities. The FT reports that Google has already provided support for ten projects totaling 2.4 GW, with a maximum potential exposure of approximately $44 billion. In simple terms: Anthropic doesn’t buy chips—it only pays rent. Wall Street provides the initial capital. Broadcom backs the chips’ residual value. Google guarantees the data center leases. Hundreds of billions in computing power have thus been broken down into layered financing and guarantees.