Apollo Global Management and Blackstone have closed a $35 billion financing package to fund Anthropic's AI infrastructure expansion, marking a major milestone in private credit markets. The deal, arranged by Morgan Stanley, reflects surging demand for specialized AI hardware as data centers scale globally.

Broadcom backs the senior tranches totaling $30 billion, comprising $6 billion in A1 notes priced 100 basis points over Treasuries and $24 billion in A2 notes at 5.75% coupon. The remaining $4.5 billion B notes carry an 8.5% yield without credit support. Half the facility was syndicated to other investors, with Apollo's Atlas SP Partners structuring the special-purpose vehicle to purchase and lease chips back to Anthropic.

The financing supports Broadcom's broader 'AI XPV platform' initiative, targeting over 20 gigawatts of compute capacity through 2028. This structure mirrors Meta's recent Hyperion data center financing, where chip sales cover debt obligations if lessees default. Both arrangements highlight how private credit is filling gaps traditional lenders avoid.

Anthropic's funding arrives as the Claude developer prepares for a potential US IPO, having recently raised $65 billion at a $965 billion valuation. The massive capital injection positions Anthropic to compete directly with OpenAI for both compute resources and public market attention, signaling intensified private-market backing for AI infrastructure plays.