Apollo and Blackstone have stitched together a $35 billion private‑credit package to fund AI lab Anthropic’s chip purchases. The structure uses an Apollo‑run SPV to borrow money, buy Google‑custom tensor processing units and lease them back to Anthropic. Lease payments back the loan, while Broadcom, holding an investment‑grade rating, guarantees the senior tranche. Investors gain exposure without a balance‑sheet hit for the start‑up.

Broadcom’s backing slashes borrowing costs: the senior debt trades at a 5.75% yield, while unsecured junior debt sits near 8.5%. The arrangement mirrors a car lease with the manufacturer as guarantor, a model investors found “not very intuitive” at first. If Anthropic defaults, Broadcom would step in, protecting lenders and reinforcing its own AI ecosystem ambitions.

The $35 billion deal could become a template for AI start‑ups seeking cheaper debt backed by blue‑chip partners. By isolating hardware risk in a lease‑back structure, companies avoid large capital expenditures and investors receive a clear collateral stream. The market now has a concrete example of how private credit can flow into fast‑growing AI ventures.

The financing comes as Apollo eyes expansion beyond US insurance, eyeing a direct licence in Japan’s $230 billion life‑insurance market. Simultaneously, Blackstone struck a near $10 billion partnership with Nippon Life, underscoring a broader shift of Western private‑equity firms into Asian insurance. Together, the moves illustrate how large lenders are diversifying into high‑growth tech and demographic sectors.