Technology
By Jean-Luc Maracon
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Google Guarantees, Google Gains 20% of Texas Project. The financial setup has a name in the industry: "circular financing.
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$200 Billion Over Five Years, 40% of Alphabet's Orders. The Hubbard project is just one piece of the puzzle.
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Anthropic isn't footing the bill for its data centers alone. Valued at $965 billion, the AI startup is leaning on Google to orchestrate a complex $200 billion financing — with…
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A banking consortium led by Morgan Stanley has set up a $14 billion bridge loan. The funds are being used to build a data center campus in Hubbard, Texas, with a 1.
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The financial setup has a name in the industry: "circular financing." The principle is simple to explain but harder to defend publicly.
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This raises questions. Is it a classic business partnership or financial support disguised under a more presentable structure?
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No clear answer yet on where the line is drawn.
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The Hubbard project is just one piece of the puzzle. Anthropic plans to spend $200 billion over five years on cloud and chips with Google. It's massive.
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And Google is investing up to $40 billion in Anthropic's equity. So Google is both a client, supplier, guarantor, and shareholder.
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Also read: Le Déficit Français Grimpe à 106,8 Milliards dEuros et Dépasse le Budget de la Défense
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Despite a valuation of $965 billion, Anthropic has capital needs that exceed what its cash reserves can absorb alone.
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Read also: French Budget Deficit Hits €106.8 Billion, Surpassing Defense Spending
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Anthropic has also rejected the tokenization of its shares. The choice is clear: no crypto, no dispersion among hundreds of small investors.
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This refusal says something about Anthropic's internal culture. Maintaining control over the capital structure, avoiding fluctuations related to crypto markets, keeping a direct…
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And Morgan Stanley at the center of the $14 billion bridge loan is not insignificant either. Traditional big banks are now financing AI data centers guaranteed by Big Tech.
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