Anthropic’s Google compute orders sit behind a financing and contract structure worth about $200 billion, according to the Financial Times. The report said roughly 80% of the structure is tied to TPU chips.
Under the arrangement, Anthropic does not need to fund the full chip purchases upfront. Most of the money for the TPUs comes from Wall Street, while Google and Broadcom support the data center and chip sides of the deal.
The first TPU tranche is financed through an SPV
The first batch, valued at about $35 billion and tied to 1GW of TPU capacity, is first sold by Google to Broadcom and then transferred to an SPV, a financing vehicle created specifically for the transaction. Apollo, Blackstone and other institutions provide debt financing to the SPV. The SPV then buys about 1 million TPUs and leases them to Anthropic.
Broadcom provides residual value support for about $30 billion of that tranche. If Anthropic later cannot make lease payments and the sale of the TPUs does not cover the debt, Broadcom would have to make up the shortfall owed to senior creditors.
Google backs the data center leases
The data center portion is backed by Google. Google guarantees Anthropic’s leases, allowing developers to borrow against Google’s credit to finance and build the facilities.
The Financial Times said Google has already supported 10 projects totaling 2.4GW, with maximum potential exposure of about $44 billion.
A multilayered structure for a massive compute order
As described by the Financial Times, the structure works like this: Wall Street provides the capital to buy the chips, Anthropic pays rent, Broadcom supports the residual value of the TPUs, and Google guarantees the data center leases. In that way, a compute order worth well over $100 billion is split into multiple layers of financing and guarantees.