Google's guarantees underwrite Anthropic's data-center buildout as artificial-intelligence capacity shifts onto borrowed money

The Financial Times describes a financing structure assembled around Anthropic that runs through private credit funds, chip leases and data-center guarantees rather than through the artificial-intelligence company's own balance sheet. The largest single element is a loan now under discussion. Banks are in talks to lend about $15 billion to Nexus Data Centers for a campus in Hubbard, Texas, with Google guaranteeing Anthropic's lease and power obligations if the tenant defaults and taking roughly a fifth of the equity in the project. The site includes an on-site natural-gas plant of about 1.6 gigawatts, and the computing hardware is being financed separately by vendors.

The same capital cycle is visible in Tokyo. NTT Data intends to spend about ¥1.5 trillion on Japanese data centers, adding roughly 750 megawatts of capacity over seven years for customers that are trying to catch up in artificial intelligence.

Public investors will see detailed financial statements from another frontier-technology company this week. Globes reports that SpaceX will publish its first results as a listed company and that a large block of previously restricted shares becomes tradable two days later. Some analysts expect that to push the share price down before what others forecast as a recovery later in the year. Reporting on the unlock puts the freed stake at about 911.5 million shares, worth roughly $116 billion at recent prices, and the shares already trade below the listing price.

What links the three is the source of the money. Capacity is being built against guarantees, leases and credit lines rather than against cash the operating businesses have already earned. That arrangement works while lenders accept the guarantor's credit as a substitute for the tenant's revenue. It transmits stress quickly if revenue from artificial-intelligence services arrives more slowly than the interest due on the structures financing it.