Anthropic is exploring another debt financing package tied to the use of Alphabet Inc.’s Google chips, with Blackstone reportedly holding early discussions with investors regarding demand for the potential deal.
The initial proposal was for nearly $36 billion, sources familiar with the matter told Bloomberg. The size, structure and leadership of the financing are still under negotiation, and Blackstone may not end up leading the transaction.
If completed, the financing would surpass the $35 billion debt package that was agreed upon several months ago, arranged by Apollo Global Management and Blackstone. The deal would support Anthropic’s lease of Google’s custom artificial intelligence chips.
In June, Apollo said it was leading a $35 billion capital solution as part of Broadcom’s AI XPV Platform, alongside Blackstone. The platform supports more than 20 gigawatts of compute capacity for leading AI labs through 2028. That includes Anthropic’s planned expansion of more than 1 gigawatt of compute infrastructure beginning in mid-2026.
"Apollo and Blackstone’s participation as primary capital partners reflects the growing role that private capital is playing in financing the digital infrastructure buildout underpinning the broader Global Industrial Renaissance," Apollo said in a prepared statement.
Anthropic IPO
This news comes as Anthropic has been meeting with investors ahead of its potential blockbuster IPO as it prepares to capitalize on strong demand for AI listings.
Banks leading the offering are arranging investor meetings in the coming weeks, as the company is reportedly targeting an IPO as early as October.
The Claude maker has hired Morgan Stanley, Goldman Sachs Group, and JPMorgan Chase to work on the IPO process. However, details regarding the IPO are ongoing and subject to change.
Rival OpenAI is also chasing a trillion-dollar IPO, but new reporting suggests the listing may now slip to 2027. The artificial intelligence firm is leaning toward holding off until next year, according to a New York Times report citing three people involved in the deliberations.
Photo: Shutterstock