Inside Google’s $200bn Wall Street finance machine for Anthropic

FT breaks down how Google built a structured finance vehicle to fund Anthropic, potentially up to $200bn. Instead of direct equity, Google packages cloud compute contracts into sellable assets via SPVs, bringing in Wall Street investors to share the risk. Anthropic gets compute, Google locks in long-term cloud revenue, and outside capital earns fixed income. The article doesn't disclose specific rates or maturity dates.

Why it matters: FT's exclusive breaks down Google's financing structure for Anthropic: not a direct equity investment, but securitizing cloud compute contracts and selling them to Wall Street. The $200bn figure is a forward ceiling—no interest rate or maturity disclosed, actual scale depends ...