Wall Street wants to lend Anthropic another $36 billion. |
Blackstone has started early talks with investors on a second mega debt package tied to Anthropic's use of Google's custom AI chips, according to Bloomberg. One initial proposal: at least $36 billion. |
Go here to buy Anthropic before the September IPO. |
That would top the $35 billion package Apollo and Blackstone wrapped up in June — already one of the largest private credit deals in history. That first loan funds Anthropic's lease of Google chips across five data centers. |
Add it up and Anthropic could pull in over $70 billion in chip financing. |
The timing is important for IPO investors. |
Anthropic filed confidentially for its IPO on June 1 at a $965 billion valuation. Bloomberg reports the company is planning investor meetings as its listing nears. Wall Street's consensus still points to a Q4 debut — ahead of rival OpenAI in late 2026 or early 2027. |
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So, who's actually behind these loans? |
Broadcom, Apollo, and Blackstone launched a financing platform this year called AI XPV — built specifically to fund computing infrastructure for the top AI labs. The June deal was its first transaction. Broadcom backstopped the senior portions of the debt, with Morgan Stanley advising. |
Google was one of Anthropic's earliest investors. It has bought equity repeatedly. Now it increasingly backstops the financing behind Anthropic's data centers. Anthropic rents Google chips, Google supports the loans, and private credit funds supply the cash. |
That structure isn't necessarily a problem. But it's worth understanding before the S-1 goes public. |
AI is consuming capital faster than traditional credit markets can supply it. Some borrowers are already paying hefty yields on new debt as lenders question whether these investments will pay off. |
For Anthropic, the bull case is simple. Revenue is growing at one of the fastest rates ever recorded, and the company posted its first operating profit this year. If that continues, the debt is just fuel for growth. |
The public S-1 should reveal exactly how these obligations sit on the balance sheet. And I’d expect it’ll be released by the end of August. |
Here’s how to secure a stake before the prospectus is live. |
Ian Wyatt
Editor, IPO Watch |
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