Blackstone Reportedly Explores Second Major Debt Deal for Anthropic AI Chip Financing

Blackstone Inc. has reportedly entered into preliminary discussions with investors for a second massive debt package to finance AI startup Anthropic's use of custom chips from Alphabet's Google, according to a report from Bloomberg on Tuesday.

Deal Details and Scale

The potential new financing is substantial, with an initial proposal discussing a debt package of at least $36 billion. However, the report stresses that the talks are in their early stages, and key details—including the final size, structure, and whether Blackstone will lead the arrangement—are still under discussion and subject to change.

If the deal proceeds at this scale, it would eclipse a recent landmark transaction. This news follows a $35 billion debt package arranged by Apollo Global Management and Blackstone just two months ago, which was one of the largest private credit deals in history. That financing was also structured to fund Anthropic's lease of Google's chips for use in five data centers.

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Market Context and AI's Capital Demands

The potential financing underscores the immense capital required to build and scale artificial intelligence infrastructure. Tech companies are increasingly turning to private credit and other debt markets to fund the high cost of specialized hardware and data centers.

This trend has prompted Wall Street to develop new and complex debt structures to meet the unique financing needs of the AI sector. The report notes that some recent borrowings in the space have carried high yields, reflecting investor concerns about the long-term returns on substantial AI investments. The move also comes as Anthropic, a key rival to OpenAI, pursues a public listing after confidentially filing for a U.S. IPO, with Google acting as both an early equity investor and a key financing partner for its infrastructure needs.