Google funds $35B Anthropic TPU deal via secret SPVs — who's on the hook?

google financed $35b of tpu chips for anthropic via morgan stanley and broadcom, shifting $200b in future liability off its books. the arrangement uses a special-purpose vehicle to buy roughly one million tpus, with broadcom providing a $30b backstop against anthropic default. google is also securing power from crypto miners like terawulf to support 2.4 gigawatts of new capacity. this strategy helps google challenge nvidia without stressing its balance sheet, though it retains up to $44b in obligations if leases fail.