A consortium of banks has organized a debt package of $22 billion as part of a larger $35 billion financing structure. The deal, led by Apollo Global Management and Blackstone, aims to provide Anthropic with access to custom AI chips developed by Alphabet and Broadcom.
The transaction utilizes a special-purpose vehicle to purchase Alphabet's tensor processing units and lease them to Anthropic. This model targets an initial capacity of 1 gigawatt, with plans to expand to 20 gigawatts by 2028 through the AI XPV platform.
The financing is divided into several tranches. Senior debt includes $6 billion in A1 notes priced at Treasuries plus 1%, supported by Broadcom. Asset-backed investors purchased $24 billion at a 5.75% yield, while junior debt of $4.4 to 4.5 billion carries an 8.5% interest rate.
Morgan Stanley and Bank of America served as placement agents for the institutional offering. By July 2026, parts of the debt were already trading on secondary markets. Broadcom's credit support on senior tranches helped reduce spreads to investment-grade levels.
Blackstone is reportedly discussing additional financing of approximately $36 billion. If completed, the total debt supporting Anthropic's computing infrastructure could exceed $70 billion.
