According to CoinMeta, the $200 billion financing chain behind Anthropic was dissected by The Financial Times, which found that the funds for purchasing chips mainly came from Wall Street. Google and Broadcom provided support for data centers and chips respectively. The first batch, worth about $35 billion and consisting of 1GW of TPU, was first sold by Google to Broadcom, and then transferred to a specialized financing entity SPV. Institutions such as Apollo and Blackstone provided debt financing for SPV. SPV purchased approximately 1 million TPU and then rented them out to Anthropic. Broadcom provided residual value support for about $30 billion of this amount; if Anthropic is unable to pay the rent, Broadcom will compensate for the shortfall to senior creditors. Google guaranteed the leases for Anthropic and has already provided support for 10 projects totaling 2.4GW, with a maximum potential exposure of about $44 billion. In simple terms, Anthropic does not directly purchase chips but only needs to pay the rent; Wall Street provides the initial funding, Broadcom guarantees the residual value of the chips, and Google ensures the data center leases.