Google has built one of the largest infrastructure financing programmes in history, selling over $150bn of AI chips to Anthropic. The effort links Google, Broadcom, Apollo, Blackstone, Morgan Stanley, and crypto miners in a web of transactions spanning chip manufacturing to data centre development, with total contracts worth roughly $200bn. At the centre are Google's tensor processing units (TPUs), co-developed with Broadcom and sold in massive server racks. To fund Anthropic's expansion without a credit rating, Google guarantees data centres, Broadcom commits to buying chips, and Apollo and Blackstone provide private-credit capital. Morgan Stanley arranged a $35bn private-credit vehicle that buys and leases the hardware. Google has also backstopped data centre projects for crypto miners such as Tera Wulf, Cipher Digital, and Hut 8, guaranteeing up to $44bn in lease obligations. The financing reshapes AI infrastructure economics, with Google-backed projects borrowing at a median 7.1% versus 9.3% for Nvidia-aligned operators.

The $200bn of contracts hinge on Anthropic's ability to pay its chip and data centre leases, concentrated risk that Jefferies analyst Jonathan Petersen called "the big macro risk" for the industry.

This article was originally published by Financial Times Companies.