Apollo and Blackstone Arrange Record $36B Private Credit Package to Fund Anthropic's Google TPU Deal

Private Equity Wire·high signal

Apollo Global Management and Blackstone are structuring a ~$36B private debt package — split into roughly $6B A1 notes, $25B A2 notes, and $4.5B riskier B notes — to let Anthropic buy and lease back Google TPUs for sites in New York, Texas, Louisiana, and Indiana. Broadcom is backstopping the largest tranches, strengthening the credit profile beyond what a high-growth startup could provide alone. Investor feedback is being collected this week, making this the largest chip-financing debt transaction in history and a distinct development from Anthropic's June 1 S-1 filing.