Google's US$150B TPU program for Anthropic is backed by US$200B in contracts that put Wall Street capital and chip production in one financing chain.
Google has assembled one of the largest infrastructure financing programs on record to supply more than US$150 billion of artificial intelligence chips to Anthropic, the AI start-up it backs.
Surging demand from Anthropic led Google to build the operation, according to people involved in the project and corporate filings reviewed by the FT. The program brings Google, Broadcom, Apollo, Blackstone, Morgan Stanley and a group of crypto miners into a web of transactions that stretches from chip manufacturing to data centre development.
At the centre of the project are Google's tensor processing units, or TPUs. Google has co-developed the AI chips with Broadcom since 2016. Once used mainly inside Google's own data centres, the chips are now sold externally in pods, server racks taller than a person that connect thousands of chips into a single computing system. The external push puts Google directly against Nvidia's dominance of the AI processor market, and the NVDA stock page tracks how the market prices that rivalry.
The financing arrangements have not previously been reported in full. They tie together contracts worth about US$200 billion. People involved in the project described the structure as a funding model that reaches beyond traditional corporate spending and ties more of the financial system to AI's growth.
To support demand, Google and Broadcom have taken on the technology risk in the chip supply chain. Wall Street investors carry much of the financing risk. Apollo and Blackstone are on the capital side. Crypto miners sit at the data centre end of the chain. Morgan Stanley sits within the financing network. AlphaScala's scorecard puts the bank at 58 out of 100, a Moderate rating, and the MS stock page carries the full picture.
Google is both an investor in Anthropic and the company supplying its chips.
"AI chips are some of the most valuable goods ever produced," said a senior banker close to the deals. "It's a scale like we've never seen before because it's a product we've never seen before."
Drafted by a large language model from the source reporting linked above, then screened by automated publishing checks. It is not read by a journalist before publication. Some articles cite our Alpha Score. Verify prices and figures against the original source. Educational coverage, not personalized advice.