Apollo, Blackstone Seek Partners for Giant AI Infrastructure Funding Package

Apollo Global Management Inc. and Blackstone Inc. are working to bring additional investors into a roughly $36 billion debt financing deal to help Anthropic PBC build out its AI infrastructure. The transaction, which is being handled through a private debt syndication, aims to purchase custom Tensor Processing Units (TPUs) from Google LLC.

The borrowed money will flow through a special-purpose vehicle (SPV) that buys the hardware and leases it to Anthropic. This financial structure allows the artificial intelligence startup to secure necessary computing power without carrying tens of billions of dollars in hardware debt directly on its balance sheet. Lenders are evaluating the deal on an asset-backed basis rather than an unsecured bet on the company.

Broadcom Inc., which assists Google in developing the specialized chips, is providing a residual-value support agreement on approximately $31 billion of the senior debt. Under the terms of this guarantee, if Anthropic defaults on its lease payments and the resale value of the used chips fails to cover the loan, Broadcom will absorb the shortfall.

The equipment is destined for installation across data center facilities located in New York, Texas, Louisiana, and Indiana. Apollo and Blackstone intend to sell down parts of the debt to the syndicated market while retaining significant portions of the financing on their own books.

The multi-billion-dollar infrastructure package is moving through the market during the same period that Anthropic is finalizing a separate $6.5 billion Series H equity funding round. Blackstone already maintains an exposure to the tech firm, holding about $1 billion in equity alongside a separate $1.5 billion joint venture designed to integrate Anthropic’s software into its portfolio companies.

Representatives for the involved parties have not provided formal on-the-record comments regarding the specific terms. Institutional orders are being gathered, and the transaction is expected to move toward a close as early as next week, though the final structure remains subject to adjustments before the books officially shut.