The $200 billion funding monster behind Anthropic: Wall Street buying chips, Google and Broadcom backing up Dynamic Beating AI News: Anthropic aims to acquire billions of dollars worth of TPU computing power, but doesn't need to spend the money themselves first. After dismantling the financing chain behind it, the Financial Times found that the money for buying chips mainly comes from Wall Street, while Google and Broadcom provide support for data centers and chips respectively. The first batch of TPU, worth approximately $35 billion and 1GW, will be sold by Google to Broadcom and then transferred to a specialized financing SPV. Apollo, Blackstone and other institutions provided debt financing to SPV, which purchased about 1 million TPU and leased them to Anthropic. Broadcom provides residual value support for approximately $30 billion of it. In the future, if Anthropic cannot pay the rent and TPU cannot be sold enough to repay the debt, Broadcom will have to make up for the shortfall of senior creditors. The data center is handled by Google. Google guarantees Anthropic's lease, and the developer uses Google's credit to borrow money to build a data center. FT stated that Google has provided support for 10 projects totaling 2.4GW, with a maximum potential exposure of approximately $44 billion. Simply put, Anthropic does not buy chips, only pays rent; Wall Street pays first; Broadcom ensures chip residual value; Google guarantees data center lease. Billions of dollars in computing power have been dismantled into layers of financing and guarantees. [Original link]