Banks are seeking to offload $15 billion of debt related to an Anthropic data center that is backed by Google.
Google's $200 billion finance structure for Anthropic is underpinned by private credit, chip leases, and data center guarantees.
A bond sale could free up lending capacity as mega AI deals stretch Wall Street financing limits.
15 billion USD
Debt related to an Anthropic data center backed by Google that banks are seeking to offload.
Updates
The financing structure involves a complex architecture where Google sells TPUs to Broadcom, which are then sold to Compute SPV—an entity that borrows from Apollo and Blackstone to lease hardware to Anthropic. Within this framework, Broadcom guarantees $30 billion of the $35 billion currently circulating if Anthropic's payments fail, while Google risks up to $44 billion in total through various guarantees despite reporting only $815 million on its balance sheet. This model, which includes ten projects totaling 2.4 gigawatts of power secured by Google as a backstop, may serve as a template for an additional 3.5 gigawatts of TPU hardware already agreed upon by Google, Anthropic, and Broadcom.
The financing architecture involves Google selling TPUs to Broadcom, which then sells them to Compute SPV, an entity that borrows from Apollo and Blackstone to lease hardware to Anthropic. Within this structure, Broadcom guarantees to cover $30 billion of the $35 billion currently circulating if Anthropic fails to meet payments. Furthermore, Google’s guarantee model covers ten projects totaling 2.4 gigawatts of power, potentially exposing the company to up to $44 billion in risk if all lease agreements fail.
Google has now structured a complex financing model involving Broadcom and special-purpose vehicles to lease TPUs to Anthropic, with Broadcom guaranteeing $30 billion of the $35 billion in current financing, while Google itself has extended guarantees across ten projects totaling 2.4 gigawatts — including TeraWulf’s 360-megawatt expansion, for which it received penny warrants and secured $3.2 billion in bonds via Morgan Stanley — risking up to $44 billion if all leases default, despite reporting only $815 million on its balance sheet.
