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.
O que mudou
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.
Por que importa
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.
Fontes：Private Equity Wire and Bloomberg reports on Anthropic chip financing；CocoLoop