Apollo Global Management and Blackstone have lined up one of the biggest private credit deals ever to fuel Anthropic’s AI expansion. According to the Financial Times and follow-up reports, the firms agreed a 35 billion dollar debt package that will help Anthropic secure custom chips from Alphabet’s Google for its next phase of growth.
Apollo and its partners structured the financing as a multi‑tranche private credit facility, using Apollo’s Atlas SP Partners platform and relying in part on Broadcom guarantees to back the senior slices of the debt. Bloomberg reports that the deal uses three layers of notes and aims to lower borrowing costs by tying the top tranches to Broadcom’s stronger credit profile instead of Anthropic’s standalone rating.
Proceeds will fund Google’s custom AI accelerators, including Tensor Processing Unit chips that Anthropic will lease to run its Claude models across data centers. These chips are expected to be deployed in facilities in U.S. states such as New York, Texas, Louisiana, and Indiana as Anthropic scales its compute footprint.
The Financial Times notes that this package ranks among the largest private-credit financings to date and stands out as a landmark chip‑financing transaction. It also reflects how private credit funds are stepping into roles once dominated by big banks in funding large, capital‑intensive technology projects.
Why Apollo and Blackstone are Betting on AI Compute
The deal shows how eager investors are to back AI‑related infrastructure, from data centers to specialized chips, for companies like Anthropic, OpenAI and Meta. Rather than taking pure equity risk in a fast‑moving startup, Apollo and Blackstone are structuring exposure around tangible assets: fleets of Google chips financed through a special‑purpose vehicle and leased under long‑term contracts.
In this design, the SPV raises debt, buys the TPUs from Google, then leases them to Anthropic, while Broadcom provides a residual value or payment guarantee on much of the senior debt. If Anthropic ever struggled to meet lease payments and the resale value of used chips fell short, Broadcom would absorb part of the loss, strengthening the credit profile for lenders.
Although Apollo, Blackstone and Anthropic have not publicly commented in detail beyond confirming the financing, the structure fits a broader pattern of private credit funds chasing large, asset‑backed AI deals at scale.
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