Apollo and Blackstone Provide $35B Chip Financing for Anthropic AI Expansion

Apollo and Blackstone closed a $35 billion private credit deal on June 5, 2026 to finance APO and BX's largest joint infrastructure commitment in the AI era. The structure is an SPV that borrows across three tranches — roughly $6 billion in senior A1 notes, $24-25 billion in A2 notes, and $4.5 billion in junior B notes — then purchases Google TPUs (Tensor Processing Units) and leases the chips to Anthropic for its AI compute needs . Anthropic does not own the chips outright; it signs a multi-year lease with the SPV, giving the private credit investors a contracted revenue stream backed by Anthropic's usage commitments.

AVGO plays a structurally critical role: Broadcom backstops the A1 and A2 tranches through a residual value agreement, covering any shortfall if Anthropic defaults and the TPUs are liquidated at a loss. CEO Hock Tan framed this as part of Broadcom's "AI XPV platform," targeting 20+ gigawatts of compute capacity through 2028, with Anthropic and OpenAI as intended anchor tenants. The deal effectively turns Broadcom into a credit guarantor for the AI infrastructure buildout while deepening Google's TPU ecosystem lock-in.

For Anthropic, the deal addresses the central constraint on frontier AI development: capital-intensive compute at scale. The company is simultaneously paying xAI $1.25 billion per month for additional GPU cluster access at the Colossus facility — a figure that underscores just how rapidly AI compute costs are compounding across the sector. For APO and BX, the $35 billion commitment represents a bet that AI infrastructure debt will perform like hyperscaler data center leases: long-duration, contracted, and low-default-risk .