Apollo, the private credit giant, is structuring off-balance-sheet deals worth tens of billions to fund AI compute infrastructure. On June 5, 2026, Apollo and Blackstone closed a roughly $35 billion debt package for Anthropic, backed by Google Tensor Processing Units through a special-purpose vehicle. The structure uses hardware as collateral, lease payments provide cash flow, and the SPV absorbs liability, keeping Anthropic’s balance sheet relatively clean. Apollo has also deployed roughly $7 billion in Elon Musk’s xAI for Nvidia GPU access, carrying a 10% coupon with approximately $250 million in paper gains. The firm projects AI-driven capital expenditures could reach into the trillions by 2030.
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