Apollo Global Management and Blackstone finalized a $35 billion private credit deal to finance Anthropic’s AI infrastructure expansion, marking one of the largest debt financings tied to the AI buildout.

The financing is designed to help Anthropic access Google’s custom Tensor Processing Units, or TPUs, through a structure that separates the hardware from Anthropic’s balance sheet. A special purpose vehicle will acquire the chips and lease them back to the AI company.

The deal gives Anthropic another way to fund the enormous compute needs behind its Claude models without relying only on equity capital from strategic backers such as Google and Amazon.

Apollo led the financing, with Blackstone’s credit and insurance unit also participating. The capital is tied to private credit and insurance linked pools, showing how retirement oriented capital is moving into the AI infrastructure trade.

Broadcom is also part of the structure. The company, which helps Google develop custom AI chips, is providing support tied to senior debt payments, helping lower the risk profile of the transaction.

The financing comes alongside the launch of the AI XPV Platform, a Broadcom backed infrastructure framework designed to deliver more than 20 gigawatts of AI compute capacity by 2028.

Anthropic is the first major deployment. The initial buildout will support more than 1 gigawatt of compute capacity at Fluidstack sites, with operations expected to begin in mid 2026.

The structure reflects a major shift in how AI companies are funding growth. Compute is becoming so expensive that private credit is now sitting alongside venture capital, cloud partnerships, and strategic equity as a core financing tool.