Apollo Global Management and Blackstone are coordinating an effort to bring additional investors into a debt financing package of about $36 billion intended to underpin Anthropic PBC’s plans to scale its AI infrastructure. The financing would be earmarked to buy custom chips from Google, according to people familiar with the matter.
Under the proposed structure, Anthropic would not own the hardware directly. Instead, the company would lease the tensor processing units - TPUs - acquired with proceeds from the debt facility. Broadcom, which works with Google on development of those chips, is reported to be backstopping payments on the largest tranches of the transaction.
Anthropic recently disclosed it had raised $65 billion at a $965 billion post-money valuation, surpassing rival OpenAI in that metric as the company seeks to expand computing capacity to meet demand for its Claude chatbot.
According to the outline being circulated, Apollo and Blackstone plan to retain significant portions of the debt while selling down part of the offering to other investors. Potential participants are being asked to submit orders this week, with an anticipated closing next week. Sources say negotiations are continuing and the terms of the financing could still change before the deal is finalized.
Both Anthropic and OpenAI are reportedly considering potential initial public offerings as early as this year.
Representatives for Apollo, Blackstone, Anthropic, Google and Broadcom did not immediately respond to requests for comment.
Summary of the financing mechanics - The package would provide capital to buy Google-built TPUs, which Anthropic would lease, with Broadcom backstopping the largest payment obligations. Apollo and Blackstone are expected to hold meaningful portions of the debt while inviting outside investors to participate.
Timing and status - Orders from investors are being solicited this week and the transaction is targeted to close next week, though ongoing discussions could alter terms.
Strategic context - The financing supports Anthropic’s push to scale compute for its Claude chatbot following a $65 billion raise that put its post-money valuation at $965 billion.