Google 联手 Broadcom 与摩根士丹利，将 350 亿美元 Anthropic 芯片风险移出资产负债表

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Google 联手 Broadcom 与摩根士丹利，将 350 亿美元 Anthropic 芯片风险移出资产负债表

The Decoder：AI News（RSS）Aioga 编辑团队2026-08-04T16:38:58.000Z热度 57

Google 与 Broadcom、Apollo、Blackstone、摩根士丹利及多家加密矿企合作，为 Anthropic 提供价值 350 亿美元的 TPU 芯片融资，被英...

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今日 AI 情报摘要

Google 与 Broadcom、Apollo、Blackstone、摩根士丹利及多家加密矿企合作，为 Anthropic 提供价值 350 亿美元的 TPU

芯片融资，被英国《金融时报》称为史上最大基础设施融资项目之一。

中文正文 · AI 翻译

谷歌已与博通（Broadcom）、阿波罗（Apollo）、黑石（Blackstone）、摩根士丹利（Morgan Stanley）以及几家加密矿业公司合作，为向Anthropic销售AI芯片提供融资。《金融时报》将其描述为历史上最大规模的基础设施融资项目之一。

这些交易围绕谷歌的张量处理单元（Tensor Processing Units，TPU）：https://the-decoder.com/google-unveils-8th-gen-tpus-agent-platform-and-workspace-ai-layer-at-cloud-next-26/，该公司自2016年以来一直与博通共同开发。TPU最初为谷歌自家的数据中心而建，现在已开始对外销售，并挑战英伟达在AI处理器市场的主导地位。谷歌以“Pods”的形式出售这些芯片，即将成千上万的TPU连接成一个计算系统的服务器机架。

Anthropic需要大量的AI硬件，但由于没有信用评级，无法自行购买芯片。《金融时报》消息源称，银行不会向这家初创公司提供大量贷款，而参与的其他公司也希望将这些硬件排除在自身资产负债表之外：https://www.ft.com/content/549f2e23-5aa2-49c7-9ea6-a9784ab7087c?syn-25a6b1a6=1。谷歌已经在支出上创下纪录：https://the-decoder.com/google-ceo-pichai-says-geminis-next-leap-depends-on-building-much-larger-base-models/，并不希望进一步增加资产负债表的压力。博通也不希望将其资本绑定在转售的谷歌芯片上。

摩根士丹利帮助设立了一个融资工具，用于购买芯片并租赁给Anthropic。外部投资者，主要是阿波罗和黑石，提供资金。该结构将在六月首次使用，当时一个名为Compute SPV的特殊目的载体将以350亿美元购买约一吉瓦的TPU硬件。《金融时报》称，这大约相当于一百万个TPU。若Anthropic停止支付租金，博通提供约300亿美元的购买担保。

该结构现在作为更多交易的模板。目前最大的一笔交易是四月份达成的一项协议，涵盖谷歌将另一批3.5吉瓦的TPU硬件出售给博通用于Anthropic。博通的财务文件列出了截至2028年的1280亿美元采购承诺，《金融时报》消息源称，几乎所有这笔金额都与谷歌TPU有关。

为芯片融资只能解决一半的问题，因为谷歌还需要足够电力来运行这些芯片的数据中心。该公司正在转向已经获得大量电力访问权限的加密货币矿工。广告

TeraWulf 是首个获得谷歌担保的公司，该担保涵盖纽约一个 360 兆瓦的数据中心。摩根士丹利将该担保打包成 32 亿美元的建设债券，而谷歌则因此获得 TeraWulf 的股权。

同样的模式现在扩展到其他加密货币矿工，包括 Cipher Digital 和 Hut 8。据《金融时报》消息人士称，到目前为止，谷歌已支持十个项目，总容量达 2.4 吉瓦。广告 DEC_D_Incontent-2

《金融时报》报道，如果每一份租赁合同都违约，谷歌可能面临高达 440 亿美元的义务。然而，公司在资产负债表上仅记录了其中的 8.15 亿美元负债，其余的大部分风险未入账。广告

《金融时报》称，谷歌的财务支持已经改变了人工智能基础设施的经济学。谷歌支持的数据中心项目的借款中位利率为 7.1%，而依赖 Nvidia 芯片的新云运营商利率为 9.3%。杰富瑞分析师称，这一差距对 Nvidia 生态系统中的公司来说是“结构性资本成本劣势”。

这一安排风险很大，因为价值 2000 亿美元的合同依赖于 Anthropic 持续支付租金。谷歌同时在交易的双方存在：既是 Anthropic 的投资者（https://the-decoder.com/google-adds-another-1-billion-investment-in-anthropic/），又是其芯片供应商。

《信息报》早前报道，Anthropic 已承诺在五年内向谷歌云花费约 2000 亿美元（https://the-decoder.com/anthropic-commits-200-billion-to-google-cloud-over-five-years/），以换取五吉瓦的服务器容量。该交易占谷歌未来承诺云收入的 40% 以上。联合 OpenAI，Anthropic 占亚马逊、微软、谷歌和甲骨文总计 2 万亿美元云积压订单的约一半。这两家初创公司预计其收入到 2029 年将增长 20 到 30 倍，如果这种增长放缓或停滞，整个结构可能会崩溃。

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Google has teamed up with Broadcom, Apollo, Blackstone, Morgan Stanley, and several crypto mining companies to finance AI chip sales to Anthropic. The Financial Times describes it as one of the largest infrastructure financing programs in history.

The deals center on Google's Tensor Processing Units：https://the-decoder.com/google-unveils-8th-gen-tpus-agent-platform-and-workspace-ai-layer-at-cloud-next-26/, which the company has developed with Broadcom since 2016. Originally built for Google's own data centers, TPUs are now sold to outside customers and challenge Nvidia's dominance of the AI processor market. Google sells the chips in "Pods," server racks that connect thousands of TPUs into one computing system.

Anthropic needs vast amounts of AI hardware but can't buy the chips itself because it has no credit rating. Banks won't lend the startup that much money, while the other companies involved also want to keep the hardware off their balance sheets, FT sources say：https://www.ft.com/content/549f2e23-5aa2-49c7-9ea6-a9784ab7087c?syn-25a6b1a6=1. Google is already spending record sums：https://the-decoder.com/google-ceo-pichai-says-geminis-next-leap-depends-on-building-much-larger-base-models/ and doesn't want to add more strain to its balance sheet. Broadcom also doesn't want to tie up its capital in the Google chips it resells. Ad

Morgan Stanley has helped set up a financing vehicle that buys the chips and leases them to Anthropic. Outside investors, mainly Apollo and Blackstone, put up the money. The structure first goes into use in June, when a special purpose vehicle called Compute SPV buys about one gigawatt of TPU hardware for $35 billion. That works out to roughly one million TPUs, according to the FT. Broadcom provides a backstop covering about $30 billion of the purchase if Anthropic stops making lease payments. Ad DEC_D_Incontent-1

The structure now serves as a template for more deals. The largest deal to date is an April agreement covering Google's sale of another 3.5 gigawatts of TPU hardware to Broadcom for Anthropic. Broadcom's financial filings list $128 billion in purchase commitments through 2028, and FT sources say nearly all of that amount is tied to Google TPUs.

Financing the chips solves only half the problem because Google also needs data centers with enough power to run them. The company is turning to crypto miners that have already secured access to large amounts of electricity. Ad

TeraWulf is the first to receive a Google guarantee, which covers a 360 megawatt data center in New York. Morgan Stanley packages the guarantee into a $3.2 billion construction bond, while Google receives an ownership stake in TeraWulf in return.

The same model now extends to other crypto miners, including Cipher Digital and Hut 8. Google has backed ten projects with a combined capacity of 2.4 gigawatts so far, according to FT sources. Ad DEC_D_Incontent-2

Google could face up to $44 billion in obligations if every lease defaults, the FT reports. Yet the company records only $815 million of that liability on its balance sheet, leaving most of the exposure off its books. Ad

Google's financial backing is already changing the economics of AI infrastructure, according to the FT. Data center projects backed by Google borrow at a median interest rate of 7.1 percent, compared with 9.3 percent for neocloud operators that rely on Nvidia chips. Jefferies analysts call the gap "a structural cost-of-capital disadvantage" for companies in Nvidia's ecosystem.

The arrangement carries substantial risk because $200 billion in contracts depend on Anthropic continuing to make its lease payments. Google also sits on both sides of the deal as an investor in Anthropic：https://the-decoder.com/google-adds-another-1-billion-investment-in-anthropic/ and the supplier of its chips.

An earlier report from The Information says Anthropic has committed to spending about $200 billion on Google Cloud over five years：https://the-decoder.com/anthropic-commits-200-billion-to-google-cloud-over-five-years/ in exchange for five gigawatts of server capacity. That deal accounts for more than 40 percent of Google's committed future cloud revenue. Together with OpenAI, Anthropic accounts for roughly half of the $2 trillion in cloud backlogs at Amazon, Microsoft, Google, and Oracle. Both startups are counting on their revenue growing 20 to 30 times by 2029, and the entire structure could unravel if that growth slows or stalls.

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情报判断

Aioga 编辑摘要

Google联合Broadcom、摩根士丹利、Apollo、Blackstone及加密矿企，为Anthropic安排价值350亿美元的TPU融资。摩根士丹利设立载体购入芯片并出租，外部投资者出资，Broadcom提供部分付款风险保障。

背景分析

相关TPU由Google与Broadcom自2016年起共同开发，最初用于Google数据中心，现以连接大量芯片的Pod形式向外部客户销售。正文称Anthropic没有信用评级，银行不愿提供如此大额贷款。

Aioga 观点

Aioga判断，这一安排的核心不只是芯片销售，而是借助特殊目的载体、租赁和风险保障承接高额硬件投入。它可能成为AI算力采购的新融资模板，但风险并未消失，而是由多方按合同结构承担。

影响与后续

值得关注的是，芯片融资之外仍需配套电力和数据中心。Google已为加密矿企相关项目提供保障，正文称目前涉及十个项目、合计2.4吉瓦；Aioga判断，算力扩张正进一步连接芯片、金融与能源资产。后续应关注Compute SPV购置及租赁安排是否按计划启用、Anthropic能否持续支付租金，以及Broadcom披露的截至2028年采购承诺如何兑现。还需观察Google对矿企项目的保障和持股安排是否继续扩展。