New York, June 13, 2026 — Two of the world’s largest private capital firms, Apollo Global Management and Blackstone, have engineered one of the most massive private credit deals ever: a complex $35 billion financing package secured against AI chips and computing power, marking a revolutionary shift in how institutional capital is mobilized for the digital infrastructure buildout underpinning artificial intelligence.
Deal Breakdown at a Glance
| Component | Details |
|---|---|
| Total Loan Amount | $35 billion |
| Lenders | Apollo Global Management + Blackstone |
| Asset Secured | AI chips (Google TPU, Broadcom-designed) |
| End User | Anthropic (AI lab) |
| Compute Capacity | 1+ gigawatt initially, 20+ gigawatt by 2028 |
| Platform Name | AI XPV |
| Debt Classification | Investment-grade senior debt |
The initial financing will support Anthropic’s capacity expansion of over 1 gigawatt at facilities managed by data center operator Fluidstack, with the broader AI XPV platform potentially generating over 20 gigawatts of computational power by 2028 — comparable to 20 new nuclear power stations.
The Innovative Lending Structure: Computing Power as a Tangible Asset
This arrangement represents a paradigm shift in lending philosophy, treating computing power as a tangible asset worthy of secured financing — a concept previously untested at this scale.
The SPV (Special Purpose Vehicle) Structure:
- SPV Creation: A special-purpose vehicle is established to secure the debt and acquire AI chips
- Chip Acquisition: The SPV purchases Google’s tensor processing units and Broadcom co-designed chips
- Lease Agreement: Hardware is leased to Anthropic off their balance sheet
- Revenue Flow: Lease revenues repay the loan
- Balance Sheet Advantage: Hardware remains off Anthropic’s balance sheet, advantageous for IPO preparation
Key Innovation: Off-Balance Sheet Financing
By maintaining hardware within the SPV, the financing remains off Anthropic’s balance sheet, which is crucial for a company preparing to go public — firms with significant debt levels often face negative investor reactions.
Capital Distribution and Investor Base
The $35 billion will be distributed among institutional investors including banks and insurance firms, with significant contribution from Apollo’s insurance subsidiary, Athene.
Apollo’s Insurance Arm Plays Major Role
- Athene (Apollo’s insurance subsidiary) provides substantial capital contribution
- Insurance companies increasingly participating in private credit markets
- Long-term capital matches AI infrastructure’s long deployment timeline
Jon Gray: Blackstone’s President and COO
“The soaring demand for computational resources has created an unparalleled opportunity for large-scale investment across the AI infrastructure landscape, including financing through our credit and insurance divisions.”
— Jon Gray, Blackstone President & COO
Apollo-Broadcom Collaborative Relationship
The initial transaction is the product of a deeply collaborative relationship between Apollo and Broadcom, designed to deliver committed, certain capital across a multi-year draw schedule.
Private Capital’s Growing Role
Apollo and Blackstone’s participation reflects the growing role of private capital in financing digital infrastructure buildout underpinning the broader Global Industrial Renaissance.
Boeing CEO’s Quote Context
The deal represents a new model for mobilizing institutional capital at the scale required to meet AI infrastructure demands, pairing advanced silicon and networking solutions with long-term, flexible capital.
Anthropic’s Strategic Advantage
- Capacity Expansion: 1+ gigawatt of compute infrastructure for training and inference
- Timeline: Starting mid-2026
- IPO Preparation: Off-balance sheet structure preserves clean financial profile
- Access to Capital: Guaranteed funding without traditional equity dilution
Broadcom’s AI XPV Platform Vision
- 20+ gigawatts computational power by 2028
- Targets developers of large language models including Anthropic and OpenAI
- Represents next-generation financing for AI infrastructure
Record-Breaking Deal Size
This is one of the largest private credit deals to date, signaling private credit’s emergence as a dominant financing source for large corporate issuers.
Apollo’s Credit Strategy
Apollo’s credit business has evolved into multiple strategies:
- Large Cap Direct Lending (this deal)
- CLO-like investing (high yield, new issuances)
- Opportunistic Investing (dislocated credit)
The credit team is fundamental-driven yet flexible, with a lean team managing significant assets under management.
Blackstone’s Credit Approach
Blackstone focuses on:
- CLO business (Collateralized Loan Obligations)
- Mass market private credit
- Direct lending and mezzanine financing
Investment-Grade Classification
The senior debt portions have been classified as investment-grade, making this attractive to conservative institutional investors like insurance companies and pension funds.
Risk Management Features
| Feature | Purpose |
|---|---|
| SPV Structure | Isolates risk, protects lenders |
| Secured by Hardware | Tangible asset backing |
| Investment-Grade | Lower risk profile |
| Long-term Lease Revenue | Predictable cash flow |
| Multi-year Draw Schedule | Flexible capital deployment |
Series of Financings Expected
This initial $35 billion represents the beginning of what is expected to be a series of financings backed by Broadcom hardware.
Broader Industry Trends
- Private Credit Boom: Alternative asset managers increasingly financing large corporates
- AI Infrastructure Investment: Multi-trillion dollar opportunity in computational capacity
- Insurance Capital Deployment: Athene and similar insurers entering private credit
- Off-Balance Sheet Innovation: New structures for IPO-ready companies
What This Means for Investors
For Large Corporate Issuers
- Access to alternative financing beyond traditional banks
- Flexible capital structures for IPO preparation
- Long-term funding matching infrastructure timelines
For Institutional Investors
- Investment-grade private credit opportunities
- AI exposure through secured lending
- Insurance-linked capital with predictable returns
For AI Companies
- Capital certainty for massive infrastructure builds
- Balance sheet flexibility for public market preparation
- Hardware ownership without equity dilution
About The Author
