Google has secured $35 billion in financing for Anthropic PBC, the creator of AI model Claude, through a complex data center financing arrangement. According to reports from Business Standard, Google is backstopping lease payments at five US-based data centers, helping Anthropic obtain what amounts to a substantial loan facility. The deal involves Apollo Global Management Inc. and Blackstone Inc. as financing partners, with Broadcom Inc. providing additional support through its credit ratings and market influence. Anthropic has also committed to $50 billion in U.S. data-center investment, demonstrating sustained commitment to AI infrastructure development.
The data center development is being handled by multiple operators across the United States. As reported by Business Standard, TeraWulf Inc. is developing two facilities - one at its Lake Mariner campus near Buffalo, New York, and another in Abernathy, Texas. Cipher Digital Inc. is developing one facility near Colorado City in Texas, while Hut 8 Corp. is preparing a data center in St. Francisville, Louisiana. A joint venture comprising Next Frontier and Fluidstack is developing a facility in Sullivan County, Indiana.
The financing arrangement builds on existing relationships between the companies. According to reports from Business Standard, Google and Anthropic struck a long-term partnership for TPUs in 2025, with Google agreeing to invest $10 billion in the startup two months ago. The deal includes a 'Google backstop' where the company will step in to repay bondholders if Fluidstack defaults or goes bankrupt, though this support wouldn't activate until the data centers are operational and Fluidstack commences their lease. Anthropic has contracted multiple gigawatts of next-generation TPU capacity starting in 2027, with the partnership deepening Google's work with Google Cloud.
Anthropic reports that its run-rate revenue has surpassed $30 billion and that more than 1,000 business customers are each spending over $1 million annually. This substantial customer base suggests the compute spend is demand-led rather than pure capex theater, even as market participants debate the stability of this demand trajectory. The company runs Claude on multiple platforms including AWS, Google TPUs, and NVIDIA GPUs, making the relationship strategic rather than exclusive. Broadcom is developing and supplying Google's TPUs and has reached agreement on networking components for Google's AI racks, building around TPUs, interconnect, and rack-level infrastructure.
According to recent reports, Anthropic confidentially filed for a US IPO earlier this month without disclosing the size or terms of the offering. Its most recent funding round, closed in late May, raised $65 billion at a post-money valuation of $965 billion, placing it ahead of OpenAI by implied market value. The company has signed more than a dozen preliminary agreements to lease US data centers with a combined capacity above 1 gigawatt, giving it more control over costs and performance as it scales while cutting dependence on cloud providers it competes with directly. Google's interest in Anthropic's success extends beyond equity returns, as a strong Anthropic keeps OpenAI from monopolizing the enterprise AI market and validates Google's own AI infrastructure bets.
