Here’s what’s actually happening
• Banks are financing the massive data center, but plan to pass the debt to investors.
So what are investors actually buying?
• A data center + 1.6GW power plant
• And roughly 2 years of construction risk before Google’s guarantee kicks in.
Everyone is trying to pass the unrated risk to someone else
The risk isn’t gone. It’s being spread across banks, investors, Google, Broadcom, Apollo and Blackstone.
Google sits on both sides of the trade
Google sells the chips, backs Anthropic’s payments, owns a stake in the project and has invested heavily in Anthropic.
The question isn’t whether Google can pay
It’s whether Anthropic can keep growing fast enough to support this massive AI buildout.
Read the full blog, here: Who Is Risking Cash on Anthropic's $15B Texas Data Center?