Key Highlights

  • A market commentator says a vehicle funded by Apollo Global Management (NYSE:APO) and Blackstone raised about USD 35 billion of Debt in June 2026 to buy roughly one gigawatt of Google TPU chips and Lease them to Anthropic, which never owns the chips.
  • If Anthropic stops paying the chip lease, Broadcom (NASDAQ:AVGO) would cover about USD 30 billion of the debt, the commentary says, while the S-1 chart data lists USD 161.2B of named compute commitments with the company.
  • Amazon (NASDAQ:AMZN) put USD 8 billion into Anthropic convertible notes between 2023 and 2025, according to a market commentator citing a quarterly filing, and the notes convert into non-voting Preferred Shares at the IPO.
  • Anthropic pays SpaceX (NASDAQ:SPCX) USD 1.25 billion a month for cloud capacity until May 2029, a market commentator says, which is USD 15 billion a year on simple arithmetic, and either side can end it on 90 days notice.

Apollo Global Management (NYSE:APO): The Lease Vehicle

A market commentator's October 26, 2026 piece describes a vehicle funded by Apollo Global Management (NYSE:APO) and Blackstone that raised about USD 35 billion of debt in June 2026. The money bought about one gigawatt of Google TPU chips, which the vehicle leases to Anthropic. The debt was reportedly split into three tranches: USD 6 billion at Treasuries plus 1%, USD 24 billion at 5.75% and USD 4.5 billion at 8.5%. The commentary notes that the split is as reported and not confirmed by the companies. Simple arithmetic on those three figures gives USD 34.5 billion, close to the roughly USD 35 billion headline amount. Anthropic pays rent on the chips, and that rent is the income that services the bondholders' debt. The commentator calls this the real borrowing because it sits off the Balance Sheet of the lab. A second package of USD 60 billion or more has reportedly been in talks since August 2026. The risk is that the lease income depends on Anthropic continuing to pay. These are the commentator's views, not a recommendation, and Apollo Global Management (NYSE:APO) has not confirmed the figures.

Broadcom (NASDAQ:AVGO): The Guarantee

If Anthropic stops paying the lease, the commentary says Broadcom would cover about USD 30 billion of the debt, so a chip designer carries part of a lab's Credit risk. The commentator explains that Broadcom designs Google's AI chips and is building 10 gigawatts of custom chips for OpenAI. The Anthropic S-1, filed with the SEC on October 26, 2026, was charted with named compute commitments by partner, and the S-1 chart data puts Broadcom (NASDAQ:AVGO) at USD 161.2B, above SpaceXAI at USD 120.5B, Google Cloud at USD 114.5B, Amazon at USD 110.0B and Microsoft at USD 44.9B. The named total is USD 637.0B, and the S-1 leaves its own aggregate figure blank. The commentator gives a different set, about USD 450 billion of non-cancellable contracts, and calls the USD 161 billion with Broadcom a press-reported figure. The two sets are not merged here. A backstop is only triggered if payments stop, and the final prospectus is expected to confirm or correct the numbers.

Amazon (NASDAQ:AMZN): The Convertible Notes

A market commentator wrote on October 26, 2026 that Amazon put USD 8 billion into Anthropic convertible notes between 2023 and 2025, citing its quarterly filing. The notes convert into non-voting preferred shares. Amazon (NASDAQ:AMZN) also gives Anthropic a credit line, drawn in the same notes as each batch of computing capacity is delivered, and he says the line ends 30 months after a listing. None of this is repaid in cash, he says: at the IPO the notes turn into shares, and the new shareholders split the company with Amazon. He also writes that about USD 72 billion of Anthropic's first half net loss of USD 80.7 billion is an accounting charge tied to such notes, and that it grows as the valuation rises. Amazon sells Claude through Bedrock, and the commentator says Anthropic books those sales gross. The balance is that the accounting is permitted and the loss is non-cash. The exposure for Amazon (NASDAQ:AMZN) is a stake that rises and falls with Anthropic's valuation, which the commentary does not quantify.

SpaceX (NASDAQ:SPCX): The Monthly Payment

In a commentary dated October 26, 2026, a market commentator says Anthropic pays SpaceX USD 1.25 billion a month for cloud capacity until May 2029, citing a counterparty disclosure. Simple arithmetic on that figure gives USD 15 billion a year. Either side can end the agreement on 90 days notice, so the commentator leaves it out of his base cash model, and says that if payments continued to May 2029 each funding hole in his scenarios would grow by USD 28 billion to USD 36 billion. Separately, the S-1 chart data lists SpaceXAI at USD 120.5B of named commitments, and the two sources are reported side by side, not reconciled. The commentary also cites a newspaper report that the fall in SpaceX (NASDAQ:SPCX) shares after its own listing weighed on OpenAI's IPO timing, with OpenAI now leaning toward 2027. The commentary gives no price figures. The risk is concentration, since a counterparty that is also a listed company can change terms on short notice, and SpaceX (NASDAQ:SPCX) is one of several firms in a circle that fund and buy from one another.

Where Things Stand

Anthropic's compute is financed by four different routes, on the commentator's account. A vehicle backed by Apollo Global Management (NYSE:APO) and Blackstone leases chips to it. Broadcom (NASDAQ:AVGO) would cover about USD 30 billion if rent stops. Amazon (NASDAQ:AMZN) holds USD 8 billion of convertible notes. SpaceX (NASDAQ:SPCX) is paid USD 1.25 billion a month under a 90 day notice deal. These are reported figures from different source types and are not merged, and the final prospectus should confirm them. This article gives no Investment advice.