A consortium of banks has arranged roughly $22 billion in debt connected to Blackstone and Alphabet as part of a broader $35 billion multi-tranche financing package, one of the largest private credit transactions ever assembled. The deal is designed to fund Anthropic’s access to custom AI chips developed by Alphabet in partnership with Broadcom through a special-purpose vehicle that purchases Alphabet’s tensor processing units and leases them back to Anthropic. The target compute capacity is 1 gigawatt initially with ambitions to reach approximately 20 GW by 2028. Senior debt amounts to roughly $6 billion at near investment-grade terms thanks to Broadcom’s credit support, while around $24 billion was sold to asset-backed investors at 5.75%. Morgan Stanley and Bank of America acted as placement agents, and Blackstone has reportedly discussed follow-on financing of about $36 billion, which would bring total debt supporting Anthropic’s compute infrastructure beyond $70 billion.
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