Apollo and Blackstone Finalize $35 Billion Private Credit Agreement to Fund Anthropic's Purchase of Alphabet Chips
Apollo Global Management and Blackstone have finalized a private credit agreement of approximately $35 billion to fund Anthropic's purchase of custom AI chips (TPU) from Alphabet (Google).
This deal is one of the largest private credit financings in history and will help Anthropic accelerate the expansion of its AI infrastructure, supporting the training and deployment of the Claude model.
This massive financing drives private credit capital towards AI computing infrastructure, benefiting Anthropic and Alphabet's chip supply chain from financial support, while traditional bank credit and ground data center financing models are under pressure from intensified competition in large private credit.
Source: Public Information
ABAB AI Insight
Apollo and Blackstone have previously been deeply involved in AI infrastructure financing. This $35 billion agreement continues the strategy of private credit giants betting on AI hardware, allowing Anthropic to make large-scale purchases of Google TPUs, similar to the substantial debt financing obtained by companies like CoreWeave and Lambda for building AI computing clusters.
In terms of capital pathways, Apollo and Blackstone are continuously investing private credit fund resources into Anthropic, mobilizing institutional LP funds through structured debt financing. The strategic motivation is to capture the long-term high demand for AI training computing power while reducing risks through endorsements from companies like Broadcom, achieving a capital reallocation from traditional credit to AI-specific infrastructure financing.
This aligns with the trend since 2025, where multiple AI companies have obtained tens of billions in financing through private credit, and the current transition of AI infrastructure from equity dominance to debt leverage.
Essentially, this represents capital concentration and industrial chain restructuring: massive private credit accelerates Anthropic's computing power expansion, mechanism-wise shifting institutional capital from dispersed credit to a few high-growth AI companies and chip supply chains, further strengthening Alphabet's pricing power in the TPU market and promoting the evolution of AI training from dispersed procurement to large-scale debt-supported operations.
ABAB News · Cognitive Law
Equity financing is easily diluted, private credit locks leverage, top capital always treats debt as an amplifier for AI computing power. Most rely on traditional banks, while a few lock in $35 billion institutional-level agreements, with structural advantages stemming from AI-specific endorsements. Selling chips generates immediate revenue, while financing infrastructure wins long-term deployment; winners always treat private credit as fuel for the trillion-dollar AI race.