Will the AI lab’s own loan let it guarantee a data centre lease or a GPU financing?
Anthropic’s revolver lets it incur compute financing without a cap, and lets the parent and its subsidiaries give guarantees or other credit support for it. The condition is that any guarantee from outside the compute SPVs is unsecured, unless the security sits only on the compute assets themselves. Security is allowed over a compute SPV’s assets and shares, over compute assets bought with the financing, and over compute assets to be deployed at a data centre to secure its acquisition, development or leasing. Letters of credit are allowed up to $250m, or without limit in the ordinary course of business. For a landlord or provider: a parent guarantee is available, but expect it to be unsecured, and ask for a letter of credit if you need cash cover.
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What the filed contracts say
Contract
What the filed wording says
Anthropic $15bn revolver
Compute financing obligations are permitted debt, with no cap in the basket.
Anthropic $15bn revolver
The lab and its subsidiaries may guarantee or otherwise support compute financing.
Anthropic $15bn revolver
A guarantee from outside the compute SPVs must be unsecured, or secured only as the compute lien basket allows.
Anthropic $15bn revolver
Liens are allowed on a compute SPV’s assets and shares, and on compute assets bought with the financing.
Anthropic $15bn revolver
Compute assets to be deployed at a data centre may secure its acquisition, development or leasing.
Anthropic $15bn revolver
Letters of credit are allowed up to $250m, or without limit in the ordinary course of business.
The filed wording
(x) (i) any Compute Financing Obligations, (ii) any other Indebtedness of a Compute SPV that is reasonably necessary or appropriate, in the good faith determination of the Borrower, for such Compute SPV to carry out the activities for which it was formed and (iii) any Guarantees, or other credit support, in respect of the obligations described in the foregoing clauses (i) and (ii); provided that any such Guarantee by, or other credit support from, the Borrower or a Restricted Subsidiary (other than a Restricted Subsidiary that is a Compute SPV) of Compute Financing Obligations or other Indebtedness of a Compute SPV pursuant to clause (i) or (ii) above shall be unsecured or secured solely to the extent permitted by Section 6.02(ll); (y) additional letters of credit issued for the account of the Borrower or any Restricted Subsidiary (i) in an aggregate face amount outstanding not to exceed $250,000,000 or (ii) in an unlimited amount if issued in the ordinary course of business;
Anthropic amended and restated revolving credit agreement ($15bn), with its compute financing carve-outs, section 6.01(x) and (y) · Anthropic S-1, Exhibit 10.10
Each extract is quoted from the contract as filed with the SEC, checked against the filed text when it was added; “…” marks words left out. Filers redact commercial terms, so a [***] or [*] is the filer's, not ours. The summaries describe the wording, not how a court would read it, and each contract's defined terms and other clauses can change the effect. General information drawn from public filings. It is not legal advice on any transaction, and using this page does not create a lawyer-client relationship. Views are personal.
InfraCompute Weekly
The week in compute finance, read from the filings.
Deals, terms and the clauses behind them, for the people financing data centres, GPU clouds and the power behind them. By Randeep Bubbra.
