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    3. Anthropic is valued at $965 billion but still can't pay for its own data centers

    Anthropic is valued at $965 billion but still can't pay for its own data centers

    By: rootdata|2026/08/05 17:00:00
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    You can only lend to the rich. A valuation close to $965 billion does not always guarantee a bank loan. Anthropic, the publisher of Claude, is experiencing this firsthand: to finance its data centers, the company relies entirely on Google, which has built a financial arrangement around it estimated at $200 billion. This setup combines private credit, chip leasing, and cascading bank guarantees, a layering that few companies, even those valued in nine figures, can afford to solicit on their own.

    Key points of this article:

    • Despite its valuation of $965 billion, Anthropic had to rely on Google to finance its data centers through a complex financial arrangement.
    • A data center campus in Hubbard, Texas, financed by a banking consortium and guaranteed by Google, represents part of a massive $200 billion commitment over five years.

    The concrete project behind this arrangement is located in Hubbard, Texas. A consortium of banks led by Morgan Stanley is preparing a $14 billion bridge loan, complemented by a revolving credit line, to build a data center campus along with a 1.6-gigawatt natural gas power plant. Nexus Data Centers is overseeing the construction. Google, for its part, guarantees several billion dollars in commitments related to leases and power purchase agreements with Anthropic: if the startup cannot meet its payments, it is Google that absorbs the bill.

    In exchange for this guarantee, Google receives about 20% of the real estate and energy project. Neither a classic loan nor a simple investment: a third arrangement, tailored for a company whose computing needs far exceed what its balance sheet can cover alone.

    Market observers are already talking about "circular financing" regarding this type of arrangement, where the cloud provider ends up guaranteeing, investing, and selling simultaneously to its own client.

    Google lends its signature to Anthropic so that it can build the infrastructure that will ultimately consume the chips and cloud sold by... Google. The mechanism is not illegal, but it blurs the line between commercial partnership and disguised financial support, a debate that is already stirring analysts around similar agreements signed by Nvidia, OpenAI, and Microsoft in recent months.

    Some see it as a self-sustaining bubble, where the same dollars circulate among four or five players without ever really leaving the circle. Others defend a more classic industrial investment logic, comparable to that of major oil companies that historically finance their own refineries rather than rely on a third party.

    This Texas campus represents only a fraction of a much larger commitment. According to the Financial Times, Anthropic has promised to spend about $200 billion over five years on cloud and chips from Google, an amount that would represent over 40% of the order book that Alphabet recently unveiled to its investors. Google is also investing up to $40 billion directly in Anthropic's capital, a bet that far exceeds the usual cloud partnership between a provider and its client.

    Building the physical infrastructure for artificial intelligence is so expensive that even the most highly valued startups on the planet must anchor their growth to giants capable of borrowing, guaranteeing, and investing simultaneously. Anthropic had indeed refused any tokenization of its own shares earlier this year, preferring to maintain total control over its capital structure rather than let the crypto market speculate on its value. One powerful creditor, rather than a thousand anonymous investors to manage: the logic of the Texas arrangement aligns with this past refusal.

    -- Price

    --

    This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.

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