--- title: "$36 Billion! The Largest Private Credit and Chip Financing Deal in History, Anthropic Accelerates Google TPU Purchases" type: "News" locale: "en" url: "https://longbridge.com/en/news/287976704.md" description: "Anthropic, together with Apollo Global and Blackstone, launched a private credit transaction worth approximately $36 billion. The funds will be used to purchase Google TPU chips through a special purpose vehicle (SPV), which will then lease the chips to Anthropic. Broadcom provides residual value support guarantees, offering 100% coverage for losses on A1 and A2 tranches. This deal is poised to become the largest private credit and chip financing transaction in history, while Anthropic's valuation rises to $965 billion, surpassing OpenAI for the first time" datetime: "2026-05-28T21:55:50.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/287976704.md) - [en](https://longbridge.com/en/news/287976704.md) - [zh-HK](https://longbridge.com/zh-HK/news/287976704.md) --- # $36 Billion! The Largest Private Credit and Chip Financing Deal in History, Anthropic Accelerates Google TPU Purchases Anthropic is accelerating the construction of its AI infrastructure landscape with an unprecedented private credit transaction. On May 28, Bloomberg cited insiders revealing that Anthropic, jointly with Apollo Global and Blackstone, initiated a private credit transaction of approximately $36 billion. **The raised funds will be used to purchase Google's custom TPU chips, which will subsequently be leased to Anthropic.** **Broadcom, which assists Google in developing chips, will provide guarantees for the majority of the transaction amount. This deal is expected to become one of the largest private credit transactions in history and the largest chip financing debt transaction to date.** Following the announcement, Broadcom's after-hours stock price rose more than 1% to $434.84, while Alphabet, Google's parent company, saw volatile movements with a slight decline. This equity financing pushed Anthropic's valuation to $965 billion, surpassing competitor OpenAI for the first time. The company is racing against OpenAI, striving to complete its initial public offering later this year. ## Broadcom's Credit Endorsement Allows Anthropic to Maintain Independence **As Anthropic remains a startup lacking the profitability to support such large-scale debt, the core of this financing structure lies in leveraging Broadcom's strong creditworthiness.** According to reports, the transaction is structured around a special purpose vehicle (SPV), which borrows funds and simultaneously receives equity investment. The proceeds are used to purchase TPU chips, which are then leased to Anthropic. **Debt repayment relies primarily on lease payments, supplemented by the long-term residual value of the chips.** This structure allows both Broadcom and Anthropic to maintain independence from the transaction, without appearing directly as the financing entity. Anthropic plans to deploy these chips in four U.S. states: New York, Texas, Louisiana, and Indiana. The debt adopts a delayed draw format, meaning funds can be drawn down gradually over time as the chips become available and Anthropic's leases commence. ## Debt Tranching: A-Tranches Receive Full Protection from Broadcom According to reports citing insiders, this debt financing is divided into three tranches: approximately $6 billion in A1 notes, $25 billion in A2 notes, and $4.5 billion in B notes. The final amounts are still under negotiation and may change. **A key term of the transaction is Broadcom's provision of a "residual value support" agreement.** Under this agreement, if Anthropic fails to fulfill its lease payment obligations within a specified period, the SPV will sell the chips to repay debt investors; If the proceeds from the chip sale are insufficient to cover the shortfall, Broadcom will provide 100% coverage for losses incurred by A1 and A2 investors. **This arrangement aligns the credit status of the A1 and A2 notes with Broadcom's investment-grade rating, without affecting Broadcom's own rating or balance sheet.** According to Trace bond pricing data, Broadcom's existing corporate bond yields range from approximately 4% to 5%, depending on maturity. Similar residual value protection structures have previously been used in Meta's bond projects for its Hyperion data center in Louisiana, allowing related bonds to be priced and traded at levels comparable to Meta's corporate bonds. ## AI Chip Financing: Emerging Market Continues to Expand **As technology companies continue to increase their investments in AI data centers and computing facilities, the high cost of chips has spawned a massive financing market for GPUs and specialized chips.** Data center operators such as CoreWeave have pioneered financing models using GPU-backed loans. This transaction extends the same logic to the realm of Google TPUs. Although Nvidia's GPUs currently dominate the AI chip market, Google TPUs are emerging as a significant competitive force, with Broadcom and other companies also developing their own alternatives. The private debt syndication led by Apollo was conducted on a non-public basis. Apollo Global and Blackstone plan to sell portions of the debt while retaining significant positions themselves. According to reports citing insiders, investors submitted indications of interest this week, and the transaction is expected to close next week. 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