Apollo Shops $36 Billion Debt to Buy AI Chips for Anthropic (1)

Apollo Global Management Inc. and Blackstone Inc. are working to bring additional investors into a roughly $36 billion debt financing deal to help Anthropic PBC build out its AI infrastructure.

The debt will be used to purchase Google’s custom chips called TPUs, or tensor processing units, which Anthropic will then lease, according to people with knowledge of the matter. Broadcom Inc., which helps Google develop the chips, is backstopping payments on the largest portions of the transaction, said the people, who asked not to be identified because the information is private.

The move would mark one of the largest-ever ...