Apollo Global Management and Blackstone have completed a $35bn financing package to support artificial intelligence infrastructure for Anthropic, marking one of the largest private credit transactions ever executed, according to a report by Bloomberg.
The deal, arranged across multiple tranches and priced in investment-grade format, will fund the leasing of advanced AI chips used in large-scale computing infrastructure. The structure reflects a growing trend in which capital markets are being used to finance hardware-intensive AI deployment through asset-backed and project-style credit structures.
The report cites unnamed people familiar with the transaction as highlighting that roughly half of the debt was syndicated to institutional investors, with the remainder distributed across Apollo-managed platforms and co-investors. The financing supports chip infrastructure tied to custom processors developed with Broadcom and related partners.
The package highlights accelerating competition among private credit and alternative asset managers to finance data centre expansion and semiconductor capacity, as technology firms increasingly turn to structured credit markets to meet the capital demands of artificial intelligence development.
Under the structure, a special purpose vehicle acquires the chips and leases them to Anthropic, with debt repayment tied primarily to lease cash flows. The transaction is split into three tranches, including senior notes benefiting from credit enhancement linked to Broadcom, and a junior layer carrying higher yields and greater exposure to performance risk.
The senior portions of the financing are supported by a residual value protection mechanism provided by Broadcom, which is designed to mitigate downside risk for lenders in the event of underperformance or default. A further subordinated tranche carries higher coupons and is not backed by the same guarantees.
Institutional participation included long-dated liability investors such as Apollo Global Management Athene, reflecting continued appetite from insurance-linked capital for structured, yield-generating credit exposures within the AI infrastructure theme.
The transaction arrives amid a broader surge in AI-related capital formation, as hyperscalers, chipmakers and model developers race to secure compute capacity. Recent financing structures increasingly combine elements of asset-backed lending, project finance and private credit, blurring traditional boundaries between corporate credit and infrastructure investment.
The deal also comes shortly after Anthropic’s significant private fundraising round and ahead of a potential public market listing, as the company scales its large language model platform in a highly competitive sector dominated by major technology and AI research firms.
