Anthropic has closed a roughly $35 billion private debt package led by Apollo Global Management and Blackstone to purchase and lease Google's TPUs, with chip giant Broadcom guaranteeing the residual value of the senior portion — a structure that further establishes AI compute as a Wall Street "asset class."
June 2026 · AI Infrastructure Finance
A $36B Private-Credit Bet on Anthropic's Google Chips
Apollo and Blackstone arranged a ~$36 billion debt package to buy and lease Google TPUs to Anthropic — kept off Anthropic's balance sheet via a special purpose vehicle, and backstopped by a Broadcom residual value guarantee that pushes the credit near investment grade.
~$36B
Total private-credit package
1M
TPUs committed for 2026, >1GW capacity
4
US states for data centers: NY · TX · LA · IN
The Tranche Structure
Total ~$35.5B across three notes — senior tranches priced low thanks to Broadcom's backstop.
A1 note · senior ~$6B · 5.75%
A2 note · senior ~$25B · 5.75%
B note · junior ~$4.5B · 8.5%
What backs the debt
Anthropic's revenue run-rate tripled — turning chip demand into collateral
Over 1,000 enterprise customers each spend more than $1M a year — the demand base underpinning a deal that treats AI chips as collateral-like assets.
Why TPUs over NVIDIA
Third-party analysis cites total-cost-of-ownership savings vs NVIDIA H100/Blackwell.
NVIDIA H100 / Blackwell baseline 100%
Google TPU (Trillium / Ironwood) up to 52% lower TCO
Estimated TCO reductions of 30–52% for LLM training and inference on optimized workloads.
The case for
Strong price-performance & efficiency observed over years
Stable supply via diversification (TPU + Trainium + GPU)
Sharp inference-cost drops reported by adopters
The reservations
NVIDIA's CUDA ecosystem flexibility
TPU batch-size constraints
A TPU-specific optimization fault in a 2025 postmortem
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