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Google backs $35B chip deal for Anthropic, leasing TPUs at five data centers
Apollo and Blackstone finalized one of the largest private credit deals ever to fund Anthropic's massive AI infrastructure buildout, with Google providing payment guarantees.
Anthropic just locked in $35 billion in debt financing to lease Google’s custom chips across five US data centers, a deal so large it makes most leveraged buyouts look like seed rounds.
Apollo Global Management and Blackstone closed the private credit package in early June 2026, structuring it through a special-purpose vehicle that will purchase Google’s Tensor Processing Units and lease them back to Anthropic. Google, for its part, is providing payment guarantees on the capacity leased at all five facilities, effectively de-risking the arrangement for the lenders.
How the deal actually works
The SPV buys the TPUs, Anthropic leases them, and the lease payments service the $35 billion in debt. The financing is split into three tranches, with Broadcom providing residual-value guarantees on top of Google’s backstops.
The deal traces back to an October 2025 agreement in which Anthropic secured access to over 1 million TPUs, with more than 1 gigawatt of capacity expected to come online by 2026. A separate expansion with Broadcom will add multi-gigawatt capacity starting in 2027.
A company now valued at nearly $1 trillion
The Claude developer simultaneously raised $65 billion in equity during its Series H round, pushing the company’s valuation to $965 billion.
The fundraising blitz maps directly onto Anthropic’s revenue trajectory. The company reported annualized revenue of $30 billion as of April 2026, a staggering leap from roughly $9 billion at the end of 2025.
Combined, Anthropic mobilized $100 billion in capital through debt and equity in 2026 alone.
What this means for investors
The structure of this deal matters more than its size. By treating TPU leases like real estate debt, complete with backstops, residual-value guarantees, and SPV structures, Apollo and Blackstone are essentially creating a new asset class.
Google’s dual role here is worth watching closely. It’s both the chip supplier and the payment guarantor, meaning it has significant financial exposure to Anthropic’s success across five data centers.