Anthropic is set to tap a $36 billion private credit deal led by Blackstone and Apollo to finance Broadcom-backed Google AI chips, in one of the largest debt financings in history.
summary
- Apollo and Blackstone are raising about $36 billion in debt to fund the Google TPU for Anthropic
- Broadcom will support payments as Anthropic leases custom chips to fuel its Claude AI models
- The deal comes as Anthropic’s valuation jumps to $965 billion and its AI revenue run rate accelerates
Private equity giants Apollo Global Management and Blackstone are raising nearly $36 billion in debt financing that will fund Anthropic’s next wave of AI infrastructure, in what could become one of the largest private credit transactions ever executed. Reuters It said the debt will be used to buy custom tensor processing unit chips from Google, which Anthropic will then lease as it races to scale computing for the Claude chatbot and related models.
The structure is straightforward but aggressive: Apollo and Blackstone are inviting additional investors for the $36 billion deal while they plan to keep “significant portions” of the debt on their own books, according to additional reporting by Bloomberg Broadcom, which is involved in the design of Google’s TPUs, is backing payments on the largest chips, effectively using its balance sheet and its existing role in Google’s chipset to avoid financing risks, it said. Investors were asked to submit applications this week, and the deal is expected to close early next week, although terms may change as the books are finalized.
Huge private credit bet on AI computing
For Anthropic, the deal deepens an already sprawling network of capital commitments around AI infrastructure, stacking leverage on top of previous equity deals and long-term capacity contracts with hyperscale companies. In April, Anthropic secured access to about 3.5 gigawatts of TPU compute through an expanded partnership with Google and Broadcom, and deployments are scheduled to begin expanding from 2027 as part of a broader $50 billion push to boost domestic computing capacity in the US. The company simultaneously announced it had raised $6.5 billion in new funding at a $965 billion post-cash valuation, surpassing OpenAI on paper as demand for its Claude models accelerated.
Anthropic’s revenue run rate recently surpassed $30 billion annually, more than tripling the nearly $9 billion at the end of 2025 as its enterprise API market share rose from 12 percent in 2023 to 32 percent by mid-2025, according to our reports. Show. This growth has been driven in part by major financial and industrial customers integrating Cloud into their production workflows, even as regulators and officials examine emerging risks: In April, U.S. Treasury officials called the CEOs of major banks to a meeting about cyber risks associated with Anthropic’s upcoming Cloud Mythos model after internal testing and a code leak highlighted its ability to a statement “Unprecedented” amounts of software vulnerabilities.
Broadcom’s role and chip supply pressure
Broadcom’s decision to guarantee payments on large tranches of human chip financing underscores how AI hardware suppliers are beginning to act more like counterparties to structured finance than mere vendors. The semiconductor company is already at the heart of Google’s TPU roadmap and is expected to support future iterations of chips that Anthropic will lease, including next-generation designs that Google is exploring with partners like Marvell to develop. It improves Memory bandwidth and model efficiency.
The Blackstone Apollo deal is just the latest sign that private equity has no intention of remaining on the sidelines of AI infrastructure. Earlier this month, Anthropic and a group that includes Blackstone, Goldman Sachs, Apollo and Hellman & Friedman launched a $1.5 billion venture aimed at pushing Cloud into portfolio companies across sectors from health care to manufacturing, according to CNBC. For cryptocurrency markets, the move reinforces a familiar pattern: Capital is gathering around a small number of AI platforms that already absorb a significant share of cloud, chip and power budgets, even as tokenized AI projects scramble for scraps of the chain.
