Google shifts billions in Anthropic chip financing risk off its books

Google is working with Broadcom, Apollo, Blackstone, and Morgan Stanley on a financing structure that supplies Anthropic with AI chips and data centers while keeping most of the risk off Google's balance sheet. Roughly $200 billion in contracts depend on Anthropic's continued growth and ability to make lease payments.

Why it matters: This mirrors off-balance-sheet financing structures other hyperscalers use for AI infrastructure and shows how much financial engineering now underpins the AI buildout, spreading exposure across banks and private equity rather than tech balance sheets. It also shows Anthropic's growth trajectory, not just its technology, is now load-bearing for a $200 billion web of contracts.