Your grandmother’s annuity is now, in a very real sense, funding the AI arms race. Apollo Global Management and Blackstone have finalized a $35 billion private credit deal to finance Anthropic’s expansion into AI infrastructure, making it one of the largest private credit transactions ever recorded.
The deal, closed around June 8, 2026, channels insurance and annuity-linked capital into the acquisition of custom Tensor Processing Units from Google.
How the deal actually works
Anthropic acquires custom Google TPUs through a special-purpose vehicle, then leases those chips back. Broadcom is positioned to provide support for senior debt payments within the broader arrangement.
Anthropic’s Chief Financial Officer emphasized that the facility is backed by contracted demand rather than projections. That distinction matters. Contracted demand means actual customers have committed to paying for compute.
