Two of the biggest names in private credit are bankrolling the AI compute race. Apollo and Blackstone are lining up a roughly $36 billion private credit package to finance Anthropic's purchase of custom Google chips — one of the largest debt deals tied to AI infrastructure.
How the deal works
The debt will fund the purchase of Google tensor processing unit (TPU) chips, which Anthropic will then lease as it scales compute for its Claude models. The structure centres on a special purpose vehicle that raises debt and equity to buy the chips before deploying them under long-term lease agreements. Apollo and Blackstone are said to be syndicating portions of the debt to other institutional investors while keeping meaningful stakes.
Anthropic's momentum
The financing comes as Anthropic raised $6.5 billion in fresh funding at a $965 billion post-money valuation, overtaking OpenAI on paper as demand for Claude accelerates. The deal illustrates how AI's appetite for compute is reshaping not just chip markets but the world of large-scale finance.
Sources: Private Equity Wire, crypto.news.