Financing — AI news & analysis

Anthropic's compute is being bought with somebody else's money — and kept off its balance sheet before an IPO

Google has assembled a chip-financing programme worth more than $150bn to supply Anthropic with TPUs. The hardware sits in a special-purpose vehicle, Broadcom guarantees roughly $31bn of the senior debt, Morgan Stanley occupies three roles at once, and bitcoin miners provide the buildings. S&P has already downgraded Broadcom over it.