![\"Google](\"https:\/\/www.europesays.com\/korea\/wp-content\/uploads\/2026\/08\/news-p.v1.20260804.602ca25ec64a44759b1e96f78daa4659_P2.jpg\"\/ "\\"Google")
Google logo. Reuters\/Yonhap<\/p>\nGoogle logo. Reuters\/Yonhap<\/p>\n
Google has formed a $200 billion (about 286 trillion won) infrastructure financing network together with partners to broadly supply its artificial intelligence (AI) chip, the Tensor Processing Unit (TPU), to the market, it has been learned.<\/p>\n
The Financial Times (FT) reported on the 4th, citing multiple sources, that “the financing network Google has built is the largest ever in the field of infrastructure financing.”<\/p>\n
According to the sources, the network began when Google agreed to supply TPUs to Anthropic on a large scale. Anthropic needed vast quantities of chips and data centers amid a race with rivals such as OpenAI to develop AI. But Anthropic, a startup without a clear credit rating, is not in an easy position to raise infrastructure funds on its own. As a result, Google chose an arrangement in which, along with a TPU supply contract, it directly builds data centers equipped with its chips and leases them to Anthropic.<\/p>\n
Several partners are involved in this structure. Broadcom, which co-developed the TPU, supports chip procurement, while private equity managers Apollo and Blackstone provide funds for data center construction through private credit. Of the roughly $200 billion in total contract value, about 80% is said to be tied to TPU purchases.<\/p>\n
Google and the other participating companies established a special purpose vehicle (SPV) called “Compute” to spread out the burden of large-scale chip procurement. Compute last month bought an initial batch of 1 million TPUs from Google and Broadcom for $35 billion (about 50 trillion won). The acquisition funds were raised through loans from Apollo and Blackstone, and Broadcom agreed to provide a “residual value guarantee” for it. Under this structure, if Anthropic fails to pay data center lease fees or if debts cannot be recovered even through the sale of the hardware collateral, Broadcom covers the losses.<\/p>\n
Securing power is also a key variable. Because AI computing facilities consume enormous amounts of electricity, securing available power in advance is essential. For this reason, cryptocurrency mining companies are also participating heavily in Google’s financing network.<\/p>\n
These companies, which held spare power grids by the nature of their main business, have transformed into “AI infrastructure builders,” taking on data center construction and power procurement, and in return receiving Google’s payment guarantee (backstop). For example, small mining company TeraWulf took on a project to expand a data center for Anthropic in New York state, and Google secured a stock option to acquire a stake in TeraWulf in exchange for guaranteeing payment. Other mining companies working with Google reportedly include Cipher Digital and Hut 8.<\/p>\n
This complex infrastructure financing structure is also being actively used as a means of attracting customers by Nvidia, Google’s biggest competitor. Industry observers say that as AI chips take up a larger share of the global economy, the competition for leadership between Google and Nvidia will inevitably intensify, and the expansion of infrastructure financing by both companies will continue for the time being.<\/p>\n
However, some critics argue that such a structure deepens the problem of “circular financing.” Circular financing is a method in which a manufacturer becomes deeply involved in the demand and debt relationships of its customers using its own funds, carrying the risk that, in the event of sudden market changes such as an economic downturn, defaults could spread uncontrollably across the industry.<\/p>\n
The FT noted that “while Google currently has solid creditworthiness and liquidity as a safety net, the fact that contracts worth hundreds of trillions of won are concentrated in a single customer, Anthropic, could act as a fatal risk,” adding that “if Anthropic’s business runs into unexpected difficulties, the entire financial ecosystem Google has built could spiral into a funding crunch and massive losses.”<\/p>\n","protected":false},"excerpt":{"rendered":"Google logo. Reuters\/Yonhap Google has formed a $200 billion (about 286 trillion won) infrastructure financing network together with…\n","protected":false},"author":2,"featured_media":109084,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[56106,9651,24012,56107,2730,56108,2295,112,29031],"class_list":["post-109083","post","type-post","status-publish","format-standard","has-post-thumbnail","category-seoul","tag-ai-chip-financing","tag-anthropic","tag-broadcom","tag-circular-financing","tag-google","tag-infrastructure-financing","tag-nvidia","tag-seoul","tag-tpu"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts\/109083","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/comments?post=109083"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/posts\/109083\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/media\/109084"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/media?parent=109083"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/categories?post=109083"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/korea\/wp-json\/wp\/v2\/tags?post=109083"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}