Private credit giants are pouring unprecedented sums into the race for AI computing power, structuring a massive off‑balance‑sheet bet on Anthropic that is drawing both investor enthusiasm and regulatory scrutiny.

Early June: Mega-financing takes shape

On June 8, the Financial Times reported that Apollo and Blackstone had raised a $35 billion chip financing package for Anthropic, calling it one of the largest private credit fundraisings and highlighting its role in fuelling the Claude maker’s AI growth plans.¹ A follow-up FT analysis framed the transaction as part of “Apollo and Blackstone's Large Lending Model,” underscoring how the private capital groups have finalised a complex $35bn deal to support Anthropic’s expansion initiatives.²

June 10: Structure and scale revealed

Further details emerged on June 10, when Axios described how Apollo is leading a $35 billion debt deal, with Blackstone and Broadcom partnering in an AI infrastructure platform backed by the initial loan.³ The financing is designed to help Anthropic lease Google’s custom chips—developed with Broadcom—via Fluidstack data centres, with the platform targeting more than 20 gigawatts of compute capacity through 2028.³

Axios noted that the hardware will sit in a special purpose vehicle (SPV), keeping it off Anthropic’s balance sheet—an approach seen as useful for a company preparing for a potential listing in markets that punish heavy debt loads, but one that has “set alarm bells ringing among regulators” over off‑balance‑sheet risk.³

Perspectives converge and diverge

Across coverage, financial outlets emphasise the transaction’s scale and strategic importance for Anthropic’s AI ambitions, portraying Apollo and Blackstone as pioneers of large, bespoke private credit structures that can move faster than traditional banks.¹² At the same time, the Axios analysis injects caution, suggesting the very complexity that makes the deal attractive to investors could become a flashpoint for regulators wary of hidden leverage in the AI infrastructure boom.³