Apollo and Blackstone are syndicating a roughly $36bn debt package to fund Anthropic’s artificial‑intelligence chip build‑out, and are courting additional investors, Bloomberg reports. Broadcom, co‑developer of the TPUs with Google, will provide a credit backstop that underpins the bulk of the structure. The lenders plan to retain a meaningful stake while selling down portions of the notes this week, with closing expected next week.

The deal uses a special‑purpose vehicle that borrows the funds, purchases the chips and leases them to Anthropic sites in New York, Texas, Louisiana and Indiana. Debt is split into roughly $6bn of A1 notes, $25bn of A2 notes and $4.5bn of B notes, with senior tranches backed by Broadcom’s investment‑grade credit through a residual‑value support agreement.

Anthropic disclosed a separate $65bn equity round that lifted its valuation to $965bn, briefly surpassing OpenAI, and both firms are positioning for potential IPOs later this year. By locking in compute capacity through this credit structure, investors gain exposure to silicon without touching Broadcom’s balance sheet, while the model extends the GPU‑backed loan framework pioneered by data‑centre operators into the TPU market.