Last week, I shared that Google raised $85 billion by selling stock (see here). That’s a lot of money, and it’s also the first time since 2006 that they’ve raised capital by selling shares. Today, a friend shared a Bloomberg article with me (see here). The article reports that Anthropic obtained a $35 billion loan associated with leases at five data centers. It goes on to say that Google agreed to backstop the lease payments at these data centers should Anthropic be unable to pay, but only after the data centers are fully operational.

The devil is in the details, and this deal is likely very complex. I don’t know anything about this space or have any unique insights. But this seems like a material commitment. Google has been flexing its financial muscles lately. I’m really curious to watch how they deploy capital and what the return (and risks) are on deals like this one.