Apollo Global Management (NYSE: APO) and Blackstone (NYSE: BX) have completed a landmark $35 billion financing package for artificial intelligence company Anthropic, marking one of the largest private credit transactions ever recorded. The deal is designed to support the rapid expansion of AI infrastructure and computing power as demand for advanced AI models continues to surge.
The financing will be used to acquire Google’s custom Tensor Processing Units (TPUs), which Anthropic will lease to strengthen its AI computing capabilities. The transaction highlights the growing importance of private capital in funding AI infrastructure, data centers, semiconductors, and high-performance computing assets.
According to reports, the financing package is divided into three debt tranches and includes significant support from Broadcom (NASDAQ: AVGO). Approximately half of the debt was syndicated to external investors, reflecting strong market demand for AI-related financing opportunities.
Under the structure, a special-purpose vehicle (SPV) will purchase the TPUs using a mix of debt and equity financing before leasing the hardware to Anthropic. Lease payments from Anthropic are expected to cover debt obligations, a financing model that is becoming increasingly common across the artificial intelligence sector.
The senior debt portion includes $6 billion in A1 notes and $24 billion in A2 notes. Both tranches benefit from Broadcom’s residual value agreement, which helped secure investment-grade private ratings and lower borrowing costs. The A1 notes were sold to banks at a spread of one percentage point above U.S. Treasuries, while the A2 notes carry a 5.75% coupon.
A separate $4.5 billion B tranche, which does not receive Broadcom’s support, was priced with an 8.5% coupon. Broadcom CEO Hock Tan recently stated that the company is collaborating with Apollo, Blackstone, and other investors through the AI XPV platform, which aims to deploy more than 20 gigawatts of AI compute capacity by 2028.
The financing follows Anthropic’s confidential U.S. IPO filing and comes shortly after the company completed a funding round that reportedly valued the Claude AI developer at $965 billion. A key element of the transaction is Broadcom’s commitment to cover potential shortfalls if leased chips lose value following an Anthropic default, providing additional protection for investors in the senior debt tranches.
The deal underscores accelerating investment in AI infrastructure and demonstrates how major financial institutions are increasingly backing the next generation of artificial intelligence technologies.


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