--- title: "Google invests $200 billion in Anthropic, insider financing operations on Wall Street" type: "News" locale: "en" url: "https://longbridge.com/en/news/294783373.md" description: "Google builds a financing project with a foundation of over $200 billion for Anthropic, supplying self-developed TPU chips valued at over $150 billion. This project collaborates with institutions such as Broadcom, Apollo Global, and Blackstone, forming a complex trading network aimed at challenging NVIDIA's market position and exploring new AI financing models" datetime: "2026-08-04T07:18:05.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/294783373.md) - [en](https://longbridge.com/en/news/294783373.md) - [zh-HK](https://longbridge.com/zh-HK/news/294783373.md) --- # Google invests $200 billion in Anthropic, insider financing operations on Wall Street Google has established one of the largest infrastructure financing projects in history, which will supply Anthropic with artificial intelligence chips valued at over $150 billion. According to informed sources involved in the project and corporate filing documents reviewed by British media, the surge in demand from Anthropic, as an investment target for Google, has prompted the tech giant to build a massive operational system to supply self-developed chips to this AI startup. This collaboration connects Google, Broadcom, Apollo Global Management, Blackstone, Morgan Stanley, and several cryptocurrency mining companies, forming a complex transaction network that spans chip manufacturing to data center construction. The core vehicle of the project is Google's Tensor Processing Unit (TPU) — since 2016, Google has been jointly developing this AI chip with Broadcom. These chips were previously mainly used in Google's own data centers but are now starting to be sold externally, challenging NVIDIA's dominance in the AI processor market. Google delivers the entire system in the form of **compute clusters (pod)**: these server racks are taller than adults and can integrate thousands of chips into a unified computing cluster. A senior banker deeply involved in the related transactions stated, "AI chips are one of the highest-value products ever produced by humanity. This is unprecedented in scale, as we have never seen such products." The total scale of the contracts corresponding to this financing framework is approximately $200 billion, with relevant details never fully disclosed before. The case reveals that large tech companies are creating a new AI financing model, significantly breaking through the traditional corporate capital expenditure scope, binding more financial system resources to the growth of the AI industry. To support the surging demand for AI chips, Google, Broadcom, and Wall Street investors each bear different levels of financial risk. Google provides guarantees for data centers; Broadcom commits to purchasing chips and assisting with financing; Apollo and Blackstone provide most of the private credit funding, purchasing hardware in advance and then leasing it to Anthropic. A Google executive involved in the project stated, "All parties are using their own balance sheets to take on responsibilities. We are responsible for the data center side, and Broadcom is responsible for the chip side." The total amount of various contracts supporting the entire collaboration is approximately $200 billion, of which about four-fifths are related to chip procurement, making it one of the largest infrastructure financing projects in history. Such a large-scale project faces a significant challenge: all parties involved are unwilling to carry hundreds of billions of dollars in AI chip inventory on their own balance sheets. Google's capital expenditures have already reached a historic high, so Broadcom agreed to purchase this batch of AI hardware from Google. However, Broadcom also hopes to invest funds elsewhere. An informed source stated, "Broadcom bears the financing aspect, but it has no intention of delving deeply into the financing business." This contradiction has led to a special solution. Morgan Stanley is leading the establishment of a **private credit vehicle** funded by external investors, which will purchase chips and lease them to Anthropic; this model draws on the **vendor financing model** established by Boeing and General Electric when selling airplanes and aircraft engines, with improvements made In June of this year, the first batch of Tensor Processing Unit (TPU) hardware was transferred into this financing integration framework by Google through Broadcom. According to informed sources, a special purpose vehicle (SPV) named Compute invested $35 billion to purchase approximately 1 gigawatt of AI hardware, corresponding to about 1 million TPU chips. The funding for this special purpose vehicle comes from three tiers of debt financing, led by Apollo Global Management and Blackstone. In fact, Broadcom guarantees two tiers of senior debt: if Anthropic stops paying rent and the funds from the sale of hardware by the special purpose vehicle are insufficient to fully repay the senior investors, Broadcom promises to cover the funding gap. This mechanism is known as **residual value support arrangement**, covering about $30 billion of the $35 billion financing. As Anthropic continues to pay rent, the risk exposure borne by Broadcom will gradually narrow. This framework will serve as a model for financing subsequent TPU hardware on a scale of hundreds of billions of dollars. The largest transaction to date was finalized in April: Google agreed to sell an additional 3.5 gigawatts of TPU hardware to Broadcom, to be deployed by Anthropic. Broadcom's filing disclosed that it has reached a procurement commitment of $128 billion, of which $55.2 billion of goods are scheduled for delivery in fiscal year 2027, and $72.9 billion is arranged for delivery in fiscal year 2028. Sources familiar with the relevant agreements stated that the aforementioned procurement amount corresponds almost entirely to its agreement to purchase 3.5 gigawatts of TPU hardware from Google. Solving the chip financing issue only addresses half of Google's challenges. The company also needs data centers with sufficient power to house this batch of hardware. A Google executive stated, "We have a clear delivery timeline and are looking for power sites that can match the construction period. Cryptocurrency mining companies with surplus power resources provide significant assistance." This collaboration is driving several cryptocurrency mining companies with stable power supplies to transform into developers of next-generation AI infrastructure. The small company TeraWulf was the first to receive Google's guarantee support, planning to build a 360-megawatt data center in its own park in upstate New York for Anthropic's use. Google guarantees the rent payment for the project site. Morgan Stanley packaged and issued construction bonds based on this, raising $3.2 billion in October for project construction. As consideration for the guarantee, Google received low-priced warrants, thereby holding a portion of TeraWulf's equity. ### Related Stocks - [GOOG.US](https://longbridge.com/en/quote/GOOG.US.md) - [GOOGL.US](https://longbridge.com/en/quote/GOOGL.US.md) - [GGLL.US](https://longbridge.com/en/quote/GGLL.US.md) - [GGLS.US](https://longbridge.com/en/quote/GGLS.US.md) - [NVDD.US](https://longbridge.com/en/quote/NVDD.US.md) - [GOOW.US](https://longbridge.com/en/quote/GOOW.US.md) - [NVDS.US](https://longbridge.com/en/quote/NVDS.US.md) - [AVL.US](https://longbridge.com/en/quote/AVL.US.md) - [NVDX.US](https://longbridge.com/en/quote/NVDX.US.md) - [ANTH.NA](https://longbridge.com/en/quote/ANTH.NA.md) - [BX.US](https://longbridge.com/en/quote/BX.US.md) - [AVGO.US](https://longbridge.com/en/quote/AVGO.US.md) - [NVDA.US](https://longbridge.com/en/quote/NVDA.US.md) - [APO.US](https://longbridge.com/en/quote/APO.US.md) - [AVGU.US](https://longbridge.com/en/quote/AVGU.US.md) - [AVGX.US](https://longbridge.com/en/quote/AVGX.US.md) - [NVDQ.US](https://longbridge.com/en/quote/NVDQ.US.md) - [AVGW.US](https://longbridge.com/en/quote/AVGW.US.md) - [AVGG.US](https://longbridge.com/en/quote/AVGG.US.md) - [GOOY.US](https://longbridge.com/en/quote/GOOY.US.md) - [GOU.US](https://longbridge.com/en/quote/GOU.US.md) - [GOOX.US](https://longbridge.com/en/quote/GOOX.US.md) - [GOOP.US](https://longbridge.com/en/quote/GOOP.US.md) - [MAGX.US](https://longbridge.com/en/quote/MAGX.US.md) - [AVS.US](https://longbridge.com/en/quote/AVS.US.md) - [NVD.US](https://longbridge.com/en/quote/NVD.US.md) - [NVDB.US](https://longbridge.com/en/quote/NVDB.US.md) - [NVDG.US](https://longbridge.com/en/quote/NVDG.US.md) - [NVDL.US](https://longbridge.com/en/quote/NVDL.US.md) - [NVDO.US](https://longbridge.com/en/quote/NVDO.US.md) - [NVDU.US](https://longbridge.com/en/quote/NVDU.US.md) - [NVDW.US](https://longbridge.com/en/quote/NVDW.US.md) - [NVDY.US](https://longbridge.com/en/quote/NVDY.US.md) - [NVYY.US](https://longbridge.com/en/quote/NVYY.US.md) - [NYYY.US](https://longbridge.com/en/quote/NYYY.US.md) - [DIPS.US](https://longbridge.com/en/quote/DIPS.US.md) - [SMH.US](https://longbridge.com/en/quote/SMH.US.md) - [SOXX.US](https://longbridge.com/en/quote/SOXX.US.md) - [SOXL.US](https://longbridge.com/en/quote/SOXL.US.md) - [SOXQ.US](https://longbridge.com/en/quote/SOXQ.US.md) - [XSD.US](https://longbridge.com/en/quote/XSD.US.md) - [PSI.US](https://longbridge.com/en/quote/PSI.US.md) - [FTXL.US](https://longbridge.com/en/quote/FTXL.US.md) - [07388.HK](https://longbridge.com/en/quote/07388.HK.md) - [07788.HK](https://longbridge.com/en/quote/07788.HK.md) - [09388.HK](https://longbridge.com/en/quote/09388.HK.md) - [MS.US](https://longbridge.com/en/quote/MS.US.md) - [BA.US](https://longbridge.com/en/quote/BA.US.md) - [GE.US](https://longbridge.com/en/quote/GE.US.md) - [WULF.US](https://longbridge.com/en/quote/WULF.US.md) - [APO-A.US](https://longbridge.com/en/quote/APO-A.US.md) - [APOS.US](https://longbridge.com/en/quote/APOS.US.md) - [MS-O.US](https://longbridge.com/en/quote/MS-O.US.md) - [MS-Q.US](https://longbridge.com/en/quote/MS-Q.US.md) - [MS-E.US](https://longbridge.com/en/quote/MS-E.US.md) - [MS-I.US](https://longbridge.com/en/quote/MS-I.US.md) - [MS-L.US](https://longbridge.com/en/quote/MS-L.US.md) - [MS-P.US](https://longbridge.com/en/quote/MS-P.US.md) - [MS-A.US](https://longbridge.com/en/quote/MS-A.US.md) - [MS-F.US](https://longbridge.com/en/quote/MS-F.US.md) - [MS-K.US](https://longbridge.com/en/quote/MS-K.US.md) - [NVD.DE](https://longbridge.com/en/quote/NVD.DE.md) - [BOE.UK](https://longbridge.com/en/quote/BOE.UK.md) ## Related News & Research - [TeraWulf (WULF) Secures Anthropic Lease, Is The Stock Still Below Fair Value?](https://longbridge.com/en/news/294609800.md) - [Google nixes its Earth AI feature one day after launch, amid criticism it would spread misinformation](https://longbridge.com/en/news/294549600.md) - [Morningstar says Nvidia's recent market woes put it in an unfamiliar spot: an 'undervalued' high-upside stock play](https://longbridge.com/en/news/294489904.md) - [Banks in talks to lend $15 billion for Anthropic data center backed by Google, WSJ reports](https://longbridge.com/en/news/294401941.md) - [Gemini agent digs a 13-year-old sandbox escape out of Chrome's code](https://longbridge.com/en/news/294501470.md)