Wall Street just wrote one of the biggest checks the AI industry has ever seen, and it wasn’t even an equity investment.
Apollo Global Management and Blackstone finalized a $35 billion debt financing package for Anthropic on June 5, 2026. The deal is designed to help the AI company acquire Google’s custom tensor processing units, the specialized chips that power large-scale AI training and inference.
This isn’t a traditional investment where Apollo and Blackstone buy a stake in Anthropic. It’s a structured debt deal, one of the largest private credit transactions ever assembled, that lets Anthropic lease chips through a specially designated vehicle rather than tying up its own equity capital on hardware.
How the deal actually works
Anthropic gets access to the computing power it needs without the balance sheet hit of buying chips outright.
