Blackstone Plans to Lead at Least $36 Billion Debt Financing for Anthropic’s Google AI Chip Rentals

Blackstone is planning to arrange a debt financing of at least $36 billion to cover Anthropic’s rental of AI chips from Google. If finalized, the deal would eclipse the $35 billion debt package jointly arranged by Apollo Global Management and Blackstone about two months ago, which was already one of the largest private credit transactions ever. Preparations for the new financing are underway, with Blackstone holding preliminary discussions with potential investors.

Google is an early investor in Anthropic and provides backing for the chip rental transaction, creating a circular funding structure. In the earlier $35 billion package, Anthropic planned to rent Google’s custom chips across five data centers, with Google guaranteeing the largest senior tranche. Earlier in 2026, Broadcom, Apollo, and Blackstone formed the “AI XPV Platform” to provide computing infrastructure financing for AI companies, and the $35 billion deal was the platform’s first implementation. Morgan Stanley served as advisor and helped arrange that transaction.

Anthropic has also signed a $10 billion computing agreement with chip computing company Bitdeer and Neocloud startup Volta Infra. These financing moves follow Anthropic’s confidential IPO filing in the US. Technology companies are pursuing novel debt structures to meet capital demands in artificial intelligence, with some paying high interest rates on recently issued debt.