Blackstone Eyes $36 Billion Debt Package for Anthropic Chip Deal

Blackstone has pitched a debt financing package of at least $36 billion tied to Anthropic's rental of Google's custom AI chips, known as TPUs, according to a Bloomberg report . The proposal would come on top of the roughly $35 billion package Apollo and Blackstone arranged about two months ago for the same chip-rental program, pushing total private credit tied to Anthropic's Google compute deals toward $71 billion, a scale with no precedent in private credit markets.

Separately, a group of banks led by Morgan Stanley is working to offload roughly $15 billion of debt tied to a Google-backed Anthropic data center under construction in Hubbard, Texas, planning to sell bonds once the loans are drawn. Google has taken a roughly 20% equity stake in that project and agreed to cover lease and power costs if Anthropic defaults, though the bonds are still expected to carry a speculative-grade rating.

Terms of the new Blackstone package, including its final size, structure, and lead arranger, remain unsettled and could still change. The financing comes as Anthropic has confidentially filed for a US IPO, racing to reach public markets ahead of rival OpenAI, making the durability of its debt-funded compute buildout a question investors in both companies will be watching closely.

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