Apollo Global Management and Blackstone have closed a $35 billion debt deal to fund Anthropic’s artificial intelligence infrastructure. The transaction, finalized this week, marks one of the largest private credit packages tied specifically to AI buildout and signals a shift in how deep-pocketed financial firms are backing the technology.
A new financing route for AI
The deal is structured as debt rather than equity, a choice that sets it apart from the typical venture capital rounds that have fueled AI startups so far. By taking on a $35 billion loan package, Anthropic avoids diluting its ownership while gaining access to a war chest meant for data centers, computing clusters, and other physical infrastructure. Apollo and Blackstone, two of the biggest names in alternative asset management, are betting the company can generate enough revenue to service the debt — a vote of confidence in Anthropic’s business model and the broader demand for AI services.
What the $35 billion buys
The size of the deal dwarfs most infrastructure financings. For context, $35 billion is roughly half of what the entire U.S. venture capital industry invested in AI companies last year. The money is earmarked for Anthropic’s AI infrastructure, though the companies have not detailed specific projects or timelines. Deployment at this scale suggests a push to build out massive computing capacity, likely to train and run large language models, the core of Anthropic’s technology. The debt will be used to acquire hardware, secure energy contracts, and construct or lease data center space.
Strategic shift in AI funding
The deal reflects a strategic shift toward leveraging financial instruments to boost AI infrastructure competitiveness. Instead of relying solely on equity from tech investors, AI firms are now tapping debt markets, where Apollo and Blackstone have deep expertise. For the asset managers, the move diversifies their portfolios beyond traditional buyouts and real estate. For Anthropic, it provides a capital injection that could accelerate its race against rivals without sacrificing control. The use of private credit — a market that has grown rapidly in recent years — shows that mainstream finance sees AI infrastructure as a long-term, income-generating asset class.
The deal is now closed, and Anthropic will have access to the capital for infrastructure buildout. How the debt is structured and serviced over time will be a key data point for other AI companies considering similar financing routes.
