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Blackstone has begun early-stage talks with investors about a second massive private credit package targeting at least $36 billion in debt to finance Anthropic’s lease of Google’s custom AI chips, Bloomberg first reported the pitch<\/a> \u2014 arriving just two months after the first such package closed, and two months after Anthropic confidentially filed to go public. If completed at that scale, the transaction would set a new record for private credit, surpassing the $35 billion facility that Apollo Global Management and Blackstone arranged in June to finance Anthropic’s first gigawatt of TPU compute capacity.<\/p>\n The rapid return to the private credit market tells a story the headline figures do not: Anthropic’s $65 billion Series H<\/a> equity raise, closed in late May at a post-money valuation of $965 billion, is not what is funding the company’s compute infrastructure. Its chips are funded by debt \u2014 and the debt must keep stacking, because an estimated $19 billion per year in compute expenditure cannot be absorbed by equity capital without transforming the company’s financial structure entirely.<\/p>\n Second Record in Two Months \u2014 and a Pattern, Not an Anomaly<\/p>\n The new proposal, first reported by Bloomberg on Tuesday<\/a>, remains in early stages. The precise size, the deal’s final structure, the tranche breakdown, and even whether Blackstone will ultimately lead the financing are all still under active discussion, according to people familiar with the matter who were not authorized to speak publicly. Details may change, and the transaction may not proceed at the scale initially floated.<\/p>\n What is notable is the speed. The $35 billion AI XPV Platform deal \u2014 a three-way partnership involving Broadcom, Apollo, and Blackstone’s Credit and Insurance business \u2014 was formally unveiled in June 2026<\/a> as one of the largest private credit transactions in history at the time. That facility financed Anthropic’s expansion of more than one gigawatt of compute infrastructure, with deployments at Fluidstack-operated data center sites beginning in mid-2026. Less than two months later, a second facility of similar or greater size is already being discussed. Together, the two deals would represent approximately $71 billion in private chip financing for a single company \u2014 a total that has no precedent in private credit history.<\/p>\n Representatives for Blackstone, Apollo, Anthropic, and Google declined to comment.<\/p>\n How the Deal Is Structured: A Machine for Converting Chips Into Institutional Debt<\/p>\n The $36 billion proposal is expected to follow the same architectural blueprint as before<\/a>. A special-purpose vehicle \u2014 a bankruptcy-remote legal entity designed to isolate financial risk \u2014 would borrow money from investors and receive an equity contribution, then use the combined capital to purchase Google’s custom Ironwood Tensor Processing Unit chips. Anthropic would then lease compute capacity from the SPV, paying rent rather than servicing debt directly. The SPV’s investors are repaid from that lease income, secured against the physical value of the chips.<\/p>\n The proposed tranche structure mirrors the prior deal’s design. The financing is expected to include approximately $6 billion in A1 notes, $25 billion in A2 notes, and $4.5 billion in B notes, though final amounts remain subject to revision per Bloomberg’s tranche breakdown reporting<\/a>. The A1 and A2 tranches would be senior in the repayment hierarchy and would carry Broadcom’s residual value support agreement \u2014 meaning that if Anthropic stops making lease payments and the chips sell for less than what senior investors are owed, Broadcom covers the shortfall for the full value of those tranches. The B notes carry no such backstop and carry a higher yield to compensate.<\/p>\n The Broadcom guarantee enables institutional access<\/a> by substituting Broadcom’s investment-grade credit for Anthropic’s pre-IPO startup risk, pushing the A1 and A2 tranches toward near-investment-grade quality \u2014 unlocking participation from pension funds and insurance companies that are mandated to hold only investment-grade paper. Without that substitution, the same debt instruments would price at junk rates, and the cost of compute would be substantially higher.<\/p>\n Capital draws are structured to flow in stages tied to chip deliveries and the commencement of Anthropic’s individual lease agreements, managing investor exposure and aligning disbursements with actual infrastructure deployment.<\/p>\n Why Equity Alone Cannot Pay the Compute Bill<\/p>\n Anthropic’s compute spending is the financial fact that makes this deal \u2014 and the one before it \u2014 structurally necessary. The company’s estimated $19 billion per year<\/a> in compute expenditure means a single $36 billion facility represents approximately two years of that outlay, financed off Anthropic’s balance sheet rather than against its equity capital. The $65 billion Series H closed in May 2026 carries no obligation to fund hardware \u2014 it finances operations, engineering, safety research, and the costs of building and maintaining Claude at the scale required for Anthropic’s $47 billion annualized revenue run rate<\/a>.<\/p>\n Placing $36 billion in TPU hardware on Anthropic’s balance sheet would require equivalent equity capital, massively diluting existing shareholders and transforming the company from an AI lab into something closer to a hardware-leasing enterprise. The SPV structure keeps that hardware off Anthropic’s books while giving the company continuous access to the compute it needs. The debt is not Anthropic’s \u2014 it belongs to the SPV. What Anthropic holds is a lease obligation, which is a different kind of financial liability.<\/p>\n This structural separation has consequences for how investors should evaluate an Anthropic IPO. The company’s balance sheet will not show $71 billion in chip debt. It will show lease obligations \u2014 a category that, depending on accounting treatment, may or may not be immediately visible to retail investors reading the eventual public S-1 filing<\/a>. Anthropic’s annual compute obligation \u2014 approximately $19 billion and growing with model scale \u2014 is the figure that determines how much revenue the company must generate before it can be considered self-funding, and it does not disappear because it is housed in an SPV.<\/p>\n Does $71 Billion in Chip Debt Belong on the IPO Radar?<\/p>\n The new package arrives two months after Anthropic’s confidential SEC filing<\/a> in June 2026, which put the company on a potential path toward a Nasdaq listing as early as October 2026. The S-1’s confidential status means that Anthropic’s full financial picture \u2014 including how it accounts for its compute lease obligations \u2014 remains unknown to prospective public investors.<\/p>\n What is known: Anthropic’s annualized revenue surpassed $47 billion<\/a> in late May 2026, representing roughly a 30-fold increase from $1 billion at the end of 2024. The revenue growth has been extraordinary. But revenue growth alone does not resolve the structural arithmetic. Compute spend at $19 billion per year, growing as model size and inference volume grow, requires continuous financing. The $35 billion facility closed in June; the $36 billion follow-on is already being discussed in August. If the cadence holds \u2014 a new private credit facility every two months as new compute tranches come online \u2014 Anthropic’s IPO shareholders will be investing in a company that re-enters the debt market repeatedly as a structural operational requirement, not as a one-time capital need.<\/p>\n