Apollo Global Management and Blackstone are arranging about $36 billion in debt financing intended to support Anthropic PBC’s expansion of its AI infrastructure, according to multiple reports. The financing is structured so the borrowing does not appear on Anthropic’s balance sheet. Instead, the lenders use the debt proceeds to buy Google’s custom AI chips—tensor processing units (TPUs)—which Anthropic then leases. Bloomberg reports that Apollo and Blackstone are seeking to bring additional investors into the deal, indicating the financing is still being lined up and may involve other parties beyond the two firms.
Across the sources, the core components are the same: roughly $36 billion of debt financing, the use of that debt to acquire Google TPUs, and a leaseback arrangement that provides Anthropic with access to the hardware while keeping the debt off its books. The reports do not specify all deal terms, the identities of the potential additional investors, or the final size of the financing beyond the “roughly $36 billion” figure.
