Blackstone Explores $36 Billion Debt Package to Finance Anthropic’s Google Chip Lease

Blackstone is in early talks with investors about a second private-credit facility of at least $36 billion to fund Anthropic PBC’s lease of Google’s custom AI chips. The size, structure and Blackstone’s role as lead arranger remain under discussion. If completed, the deal would exceed the $35 billion facility arranged two months earlier for the same purpose.

Anthropic Stacks Second Record Debt Deal in 60 Days as Compute Bill Defies Equity Raise

Anthropic, creator of the Claude model, filed a confidential U.S. IPO in June 2026. A $35 billion debt package financed Anthropic’s first gigawatt of TPU compute across five data-center sites. Earlier, Anthropic closed a $65 billion Series H equity raise in May 2026, earmarked for operations and research. The company’s compute spend is estimated at $19 billion per year, a level that equity alone cannot sustain without heavy dilution.

Anthropic Stacks Second Record Debt Deal in 60 Days as Compute Bill Defies Equity Raise

The financing would use a bankruptcy-remote SPV that borrows from investors, receives an equity contribution, and purchases Google’s Ironwood Tensor Processing Units. Anthropic would lease compute capacity from the SPV, with lease payments servicing the SPV’s debt.

Anthropic Stacks Second Record Debt Deal in 60 Days as Compute Bill Defies Equity Raise

A tentative tranche breakdown includes roughly $6 billion of A1 notes, $25 billion of A2 notes, and $4.5 billion of B notes. The A1 and A2 tranches would be senior and backed by Broadcom’s residual-value guarantee; B notes would carry higher yields and no guarantee. Capital draws are expected to be staged with chip deliveries and lease commencements.

Anthropic Stacks Second Record Debt Deal in 60 Days as Compute Bill Defies Equity Raise

Placing AI-chip assets on Anthropic’s balance sheet would require equivalent equity, diluting shareholders and turning the company into a hardware-leasing entity. The SPV structure keeps chip debt off Anthropic’s books, presenting lease obligations rather than direct debt—a distinction that could affect investor evaluation of the upcoming IPO.

Anthropic Stacks Second Record Debt Deal in 60 Days as Compute Bill Defies Equity Raise

Representatives for Blackstone, Apollo, Anthropic, Google and Broadcom have declined to comment on the proposed financing.

Blackstone Circling $36 Billion Debt Package for Anthropic

Together, the two facilities would represent about $71 billion in private-credit financing for a single AI company, a historic level for the market. Morgan Stanley’s AI-debt forecast projects AI-related debt issuance to approach $570 billion in 2026, raising systemic risk if revenue growth does not keep pace with lease-payment obligations. Recent stress in the AI-debt market—illustrated by CoreWeave’s term-loan repricing—highlights investor sensitivity to credit terms, though Broadcom’s guarantee may mitigate some risk for this facility.

Anthropic Stacks Second Record Debt Deal in 60 Days as Compute Bill Defies Equity Raise

As of Tuesday, August 4 2026, discussions remain preliminary. The final package could differ in size, structure or lead arranger, and a definitive announcement has not yet been made.

Anthropic Stacks Second Record Debt Deal in 60 Days as Compute Bill Defies Equity Raise