GEM-4C 558 -4%
GPT-61S 555 -3.8%
CL-SN55 553 -3.8%
CL-OP55 551 -4%
GPT-61TERR 547 -3.5%
GEM-4CM 546 -4%
CL-OP55EH 542 -3.9%
GPT-61SOLXH 541 -3.6%
GPT-61SOLH 527 -3.7%
CL-SN55XH 523 -3.5%
GEM-4CL 520 -3.9%
GPT-61TERRXH 507 -3.4%
CL-OP55H 506 -4%
GPT-61SOLM 500 -3.5%
KIMI-K31P 499 -3.5%
GEM-4AR 498 -3.9%
GPT-61TERRH 490 -3.2%
CL-OP55M 483 -3.6%
MUSE-WONDFUL 479 -3.8%
CL-SN55H 467 -3.3%
CL-HK55 463 -2.9%
GPT-61TERRM 462 -3.1%
GPT-6A 451 -4.7%
MUSE-WOND 451 -3.6%
CL-HK55XH 450 -3%
GPT-6ASTRXH 440 -4.8%
GROK-47 440 -3.1%
GROK-47H 438 -2.9%
GPT-6ASTRH 437 -4.8%
DSK-V-340615 436 -2.9%
QWEN-38X 428 -2.9%
GPT-61SOLL 423 -3.2%
GLM-53 420 -3%
MIMO-V26P 420 -2.6%
CL-HK55H 419 -2.8%
LING-31F1019 417 -2.6%
GEM-38F 416 -2.8%
GPT-6ASTRM 415 -4.6%
MMAX-M31F 414 -2.8%
GEM-38FM 412 -2.8%
GPT-61TERRNO 411 -2.8%
GROK-47L 410 -2.8%
DSK-V-3E48BD 410 -2.6%
GPT-6L 407 -2.6%
GLM-53F 407 -2.6%
STEP-5 405 -2.6%
CL-FABL51XH 403 -4.7%
GPT-61TERRL 403 -2.9%
MIMO-V26F 401 -2.4%
CL-FABL51 399 -4.5%
CL-SN55M 395 -2.9%
CL-OP55L 393 -3.4%
MIST-LARG4 390 -2.7%
CL-FABL51H 386 -4.5%
CL-HK55M 386 -2.3%
GPT-6LUNAXH 377 -2.6%
MUSE-SPAROPE 375 -2.6%
MIST-LARG4M 371 -2.4%
DSK-V4P 365 -2.4%
GPT-6LUNAH 365 -2.1%
GLM-53L 364 -2.4%
CL-SN55L 362 -2.7%
GEM-38FL 361 -2.4%
GPT-6ASTRL 359 -4.5%
CL-FABL51M 359 -4.5%
QWEN-827B 349 -2.2%
CL-HK55L 347 -2%
MMAX-M3 345 -2%
GPT-6LUNAM 344 -2.3%
DSK-V-02811D 344 -2%
K2-HORI375BA 342 -2%
REFL-BEAM 338 -2%
QWEN-827BM 332 -1.8%
CL-FABL51L 329 -4.4%
QWEN-827BL 320 -1.8%
NEMO-35SUPEV 313 -1.9%
INKL 295 -1.7%
NVID-NEMO3UL 295 -1.3%
GEM-35FLITE 295 -1.3%
GPT-6LUNAL 287 -1.4%
GPT-6LUNANON 286 -1%
NANB-333B 285 -2.7%
QWEN-827BNON 282 -1.4%
COMM-APLUS 266 -1.1%
MUSE-GLIM 263 -1.1%
NEMO-35LIGH 261 -0.8%
GRAN-428B 258 -0.8%
MIST-SMAL4 252 -0.4%
INKL-SM 235 -2.5%
GEMM-431B 225 —
GEMM-4E4B 225 —
GEMM-4E4BNON 225 —
LING-30TINY 225 —
MINI-33B 225 —
NORT-MCODE 225 —
NOVA-MICR 225 —
NVID--ADE3B4 225 —
QWEN-54B 225 —
QWEN-54BNONR 225 —
TINY-AYAGLOB 225 —
GEM-4C 558 -4%
GPT-61S 555 -3.8%
CL-SN55 553 -3.8%
CL-OP55 551 -4%
GPT-61TERR 547 -3.5%
GEM-4CM 546 -4%
CL-OP55EH 542 -3.9%
GPT-61SOLXH 541 -3.6%
GPT-61SOLH 527 -3.7%
CL-SN55XH 523 -3.5%
GEM-4CL 520 -3.9%
GPT-61TERRXH 507 -3.4%
CL-OP55H 506 -4%
GPT-61SOLM 500 -3.5%
KIMI-K31P 499 -3.5%
GEM-4AR 498 -3.9%
GPT-61TERRH 490 -3.2%
CL-OP55M 483 -3.6%
MUSE-WONDFUL 479 -3.8%
CL-SN55H 467 -3.3%
CL-HK55 463 -2.9%
GPT-61TERRM 462 -3.1%
GPT-6A 451 -4.7%
MUSE-WOND 451 -3.6%
CL-HK55XH 450 -3%
GPT-6ASTRXH 440 -4.8%
GROK-47 440 -3.1%
GROK-47H 438 -2.9%
GPT-6ASTRH 437 -4.8%
DSK-V-340615 436 -2.9%
QWEN-38X 428 -2.9%
GPT-61SOLL 423 -3.2%
GLM-53 420 -3%
MIMO-V26P 420 -2.6%
CL-HK55H 419 -2.8%
LING-31F1019 417 -2.6%
GEM-38F 416 -2.8%
GPT-6ASTRM 415 -4.6%
MMAX-M31F 414 -2.8%
GEM-38FM 412 -2.8%
GPT-61TERRNO 411 -2.8%
GROK-47L 410 -2.8%
DSK-V-3E48BD 410 -2.6%
GPT-6L 407 -2.6%
GLM-53F 407 -2.6%
STEP-5 405 -2.6%
CL-FABL51XH 403 -4.7%
GPT-61TERRL 403 -2.9%
MIMO-V26F 401 -2.4%
CL-FABL51 399 -4.5%
CL-SN55M 395 -2.9%
CL-OP55L 393 -3.4%
MIST-LARG4 390 -2.7%
CL-FABL51H 386 -4.5%
CL-HK55M 386 -2.3%
GPT-6LUNAXH 377 -2.6%
MUSE-SPAROPE 375 -2.6%
MIST-LARG4M 371 -2.4%
DSK-V4P 365 -2.4%
GPT-6LUNAH 365 -2.1%
GLM-53L 364 -2.4%
CL-SN55L 362 -2.7%
GEM-38FL 361 -2.4%
GPT-6ASTRL 359 -4.5%
CL-FABL51M 359 -4.5%
QWEN-827B 349 -2.2%
CL-HK55L 347 -2%
MMAX-M3 345 -2%
GPT-6LUNAM 344 -2.3%
DSK-V-02811D 344 -2%
K2-HORI375BA 342 -2%
REFL-BEAM 338 -2%
QWEN-827BM 332 -1.8%
CL-FABL51L 329 -4.4%
QWEN-827BL 320 -1.8%
NEMO-35SUPEV 313 -1.9%
INKL 295 -1.7%
NVID-NEMO3UL 295 -1.3%
GEM-35FLITE 295 -1.3%
GPT-6LUNAL 287 -1.4%
GPT-6LUNANON 286 -1%
NANB-333B 285 -2.7%
QWEN-827BNON 282 -1.4%
COMM-APLUS 266 -1.1%
MUSE-GLIM 263 -1.1%
NEMO-35LIGH 261 -0.8%
GRAN-428B 258 -0.8%
MIST-SMAL4 252 -0.4%
INKL-SM 235 -2.5%
GEMM-431B 225 —
GEMM-4E4B 225 —
GEMM-4E4BNON 225 —
LING-30TINY 225 —
MINI-33B 225 —
NORT-MCODE 225 —
NOVA-MICR 225 —
NVID--ADE3B4 225 —
QWEN-54B 225 —
QWEN-54BNONR 225 —
TINY-AYAGLOB 225 —

Delayed ticker data. Last calculated 5 Nov 2026, 11:04 pm Sydney time.

← Back to feed

Apollo and Blackstone Are Raising $36B to Lease Google TPUs to Anthropic — AI Compute Is Now an Infrastructure Asset Class

Apollo and Blackstone are syndicating a $36 billion structured debt facility to purchase Google TPUs and lease them to Anthropic — the largest private credit deal ever closed for AI infrastructure, and the clearest signal yet that AI compute has become a standalone asset class.

The capital stack breaks into three tranches: $6B A1 notes, $25B A2 notes, and $4.5B B notes, with final sizing subject to change at close. Broadcom has provided a residual-value guarantee covering the senior $31B tranche — a mechanism that effectively transfers credit quality from Anthropic’s balance sheet to Broadcom’s investment-grade rating. If Anthropic defaults and TPU resale values fall short of the outstanding debt, Broadcom covers the gap.

The structure is explicit about its lineage. It mirrors Meta’s Beignet bonds, which applied real estate and aircraft financing templates to data center infrastructure. The Anthropic deal extends that logic further: semiconductor hardware — specifically Google TPUs — is being underwritten as a long-duration infrastructure asset with quantifiable residual value, not as speculative technology spend.

The Capital Stack

TrancheSizeSenior / Subordinated
A1 Notes$6BSenior
A2 Notes$25BSenior (Broadcom backstop)
B Notes$4.5BSubordinated

TPUs covered by the deal span data centers in New York, Texas, Louisiana, and Indiana. The facility is structured as a special purpose vehicle — the debt stays off Anthropic’s balance sheet entirely.

Timing

The deal closes in the same week as Anthropic’s $65 billion Series H equity raise at a $965 billion valuation. The two capital structures are distinct: the equity round funds operations and model development; the debt facility funds compute access. Together they represent a complete capital architecture for a company that needs both cash flow and guaranteed infrastructure access.

Anthropic CFO Krishna Rao confirmed the facility “serves demand already in hand” — a revenue-backed underwriting basis rather than projections. That framing matters to Apollo and Blackstone investors: the debt is not a bet on Anthropic’s growth trajectory. It’s a bet on a specific, contracted stream of compute utilization.

Why Broadcom’s Guarantee Changes Everything

Broadcom’s residual-value guarantee is the structural pivot of the entire deal. Without it, investors in the $31B senior tranche would need to underwrite Anthropic’s credit quality — currently unrated, pre-IPO, burning capital. With it, the senior notes effectively carry Broadcom’s credit rating, which is investment-grade.

The risk that gets transferred is not default risk per se, but resale risk. If Anthropic exits the facility and Google TPUs need to be sold in the secondary market, Broadcom guarantees the floor. Notably, a liquid secondary market for used Google TPUs does not yet exist at scale. Broadcom’s guarantee is pricing residual value in a market that has no historical comparables.

What This Establishes

Three things become true after this deal closes:

  1. AI compute infrastructure has a formal debt financing template. Any lab that controls significant chip access can now approach infrastructure-grade lenders, not just venture capital.
  2. Chip hardware has a residual value floor, at least implicitly. Broadcom’s guarantee is, in effect, a market-making commitment for distressed TPU resale.
  3. Apollo, Blackstone, Google, Broadcom, and Anthropic are now bound into a single financing ecosystem. A default anywhere in that chain creates obligations across all four.

The CoreWeave and Lambda precedents (investment-grade GPU debt facilities) established the direction. The Apollo-Blackstone deal establishes the scale. $36 billion is not a niche financing structure — it’s the architecture for how frontier AI labs will capitalize their next generation of compute.