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.
  • Press reports, as cited by the commentary, split the debt into USD 6 billion at Treasuries plus 1%, USD 24 billion at 5.75% and USD 4.5 billion at 8.5%. The companies have not confirmed the split.
  • If Anthropic stops paying the lease, Broadcom (NASDAQ:AVGO) would cover about USD 30 billion of the debt, according to the commentary. Anthropic never owns the chips, and its lease payments are the bondholders' income.
  • Talks on a second package of USD 60 billion or more began in August 2026, according to the commentary. The same commentator calls this the real borrowing, because it sits off Anthropic's balance sheet.

How The Lease Vehicle Works

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 Tranche split is as reported and not confirmed by the companies. Simple arithmetic on those three published figures gives USD 34.5 billion, close to the roughly USD 35 billion headline amount.

Why Anthropic Leases Chips

In this structure Anthropic never owns the chips. It pays rent on the chips, and that rent is the income that services the bondholders' debt. If Anthropic stops paying, the commentary says Broadcom (NASDAQ:AVGO) would cover about USD 30 billion. The commentator calls this the real borrowing because it sits off the balance sheet, and bank debt on Anthropic's books is small, in the commentator's account. The arrangement lets Capital providers fund compute directly instead of lending to the AI lab, which keeps the borrowing away from the lab's own accounts. The commentator places this inside a wider circle in which suppliers, investors and customers are often the same companies.

Risks And Dates To Watch

The commentator's view is bearish, and the piece states it is opinion and not a recommendation. The key risk is that the lease income depends on Anthropic continuing to pay, while the commentary points to large cash commitments for computing capacity. A Broadcom backstop reduces but does not remove the exposure for lenders, and a second package of USD 60 billion or more, reportedly in talks since August 2026, would add to it. Anthropic filed its S-1 on October 26, 2026, and the commentary says a listing could come as soon as November. The final prospectus should confirm or correct the numbers quoted here, including the lease terms, and is the next item to watch.

Where Things Stand

The question is why Apollo Global Management (NYSE:APO) sits inside a USD 35 billion chip lease. 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 Google TPU chips and lease them to Anthropic. The tranches are reported as USD 6 billion, USD 24 billion and USD 4.5 billion, and Broadcom (NASDAQ:AVGO) would cover about USD 30 billion if payments stop. A second package of USD 60 billion or more is in talks. These are the commentator's figures and views, not confirmed by the companies.