Anthropic’s US$35bn infrastructure financing, announced in a June 9 transaction, funds more than 1GW of compute infrastructure without the assets or debt appearing on the balance sheets of Google, Broadcom, or Anthropic. The financing separates the source of funding from credit support: third-party investors such as Apollo and Blackstone provide capital for compute equipment supplied through Broadcom, while Broadcom backstops up to US$29bn of Anthropic’s five-year lease obligations. Google has backstopped payment obligations supporting third-party physical data centre infrastructure. Anthropic requires tens of billions of dollars of computing infrastructure supplied through Google and Broadcom. Google designs the specialised compute processors, Broadcom turns those designs into physical chips, data centre developers such as TeraWulf and Cipher build the sites, and operators such as Fluidstack lease and run them. The accounting value of the contingent support is expected to be dramatically smaller than the maximum exposure it underpins. The unusual aspect is that corporate participants needing the assets financed and deployed provide the support without their balance sheets showing the full economic significance.