Apollo and Blackstone are arranging roughly $36 billion of private credit to finance Google TPU purchases for Anthropic. The structure uses a special-purpose vehicle to raise debt and equity, buy the chips, and lease them to Anthropic over the long term.
What changed
The accounting is the point. Anthropic gets access to massive compute without putting the full debt burden on its own balance sheet, a useful feature for a company preparing an IPO narrative at a very high valuation.
Why it matters
Broadcom, Google’s TPU development partner, is said to provide residual-value guarantees for some large pieces of the transaction. If chip-backed financing scales, AI capex risk will spread beyond venture capital into private-credit and bond-market channels.
Sources：Private Equity Wire and Bloomberg reports on Anthropic chip financing；CocoLoop