Your grandmother’s annuity is now, in a very real sense, funding the AI arms race. Apollo Global Management and Blackstone have finalized a $35 billion private credit deal to finance Anthropic’s expansion into AI infrastructure, making it one of the largest private credit transactions ever recorded.

The deal, closed around June 8, 2026, channels insurance and annuity-linked capital into the acquisition of custom Tensor Processing Units from Google.

How the deal actually works

Anthropic acquires custom Google TPUs through a special-purpose vehicle, then leases those chips back. Broadcom is positioned to provide support for senior debt payments within the broader arrangement.

Anthropic’s Chief Financial Officer emphasized that the facility is backed by contracted demand rather than projections. That distinction matters. Contracted demand means actual customers have committed to paying for compute.

The capital itself flows predominantly from insurance companies and annuity funds. Private credit funds that manage pools of annuity investments are providing the financing at the business development company level. It’s structured debt, not equity speculation, which in theory offers more predictable returns suited to the risk profiles of retirement-oriented portfolios.

Prior discussions had reportedly targeted around $36 billion for the overall financing package involving Google TPUs, so the final $35 billion figure came in just under initial ambitions.

The AI XPV Platform and the compute buildout

One day after the deal closed, on June 9, 2026, the AI XPV Platform was formally launched. Its target is ambitious: over 20 gigawatts of global AI compute capacity by 2028.

Anthropic’s deployment serves as the opening act, with more than 1 gigawatt of computational power scheduled to come online at several Fluidstack sites starting in mid-2026.

The platform represents a collaborative ecosystem involving Broadcom’s hardware capabilities, Google’s TPU technology, and Anthropic’s compute-hungry AI models. While some speculative connections to SpaceX have circulated, the core financial architecture centers on these three companies working in concert.

What this means for investors

This deal represents a genuine structural shift in how the AI industry finances itself. Anthropic itself has raised billions in equity from Amazon and Google. Private credit backed by hard assets, in this case physical TPU chips, offers a different value proposition: lenders get asset-backed security similar to a mortgage, and the borrower gets capital without giving up ownership stakes. Anthropic can keep the associated debt off its balance sheet, allowing it to simultaneously invest in research and model development.

Apollo manages over a trillion dollars in assets, and Blackstone’s private credit platform is similarly massive. If even a modest percentage of that capital gets redirected toward AI infrastructure financing, the flow of funds into this space could dwarf anything venture capital has ever delivered.