#What makes Anthropic's recent deal significant?
Anthropic has secured a remarkable $35 billion in debt financing to lease Google's customized chips across five data centers in the United States. This transaction is so substantial that it overshadows most leveraged buyouts, reflecting the high stakes and ambitious growth plans of the company.
In June 2026, both Apollo Global Management and Blackstone finalized the private credit package, which operates through a special-purpose vehicle. This vehicle purchases Google’s Tensor Processing Units, leasing them back to Anthropic. Google is also helping to mitigate risks for lenders by providing payment guarantees on the leased capacity across all five facilities.
#How is the financing structured?
The financing structure is composed of three tranches. The special-purpose vehicle acquires the TPUs, and the lease payments will handle the $35 billion debt. Broadcom adds further security through residual-value guarantees, complementing Google's risk mitigation.
This monumental deal follows a previous agreement from October 2025 when Anthropic garnered access to over 1 million TPUs, with plans to launch more than 1 gigawatt of capacity by 2026. In addition, a collaboration with Broadcom is set to introduce multi-gigawatt capacity starting in 2027.
#How did this influence Anthropic's valuation?
Alongside this deal, Anthropic raised an impressive $65 billion in equity during its Series H funding round, upping its market valuation to nearly $1 trillion at $965 billion. This aggressive fundraising approach aligns directly with Anthropic's soaring revenue, which reached $30 billion in annualized figures by April 2026, a dramatic jump from $9 billion at the end of 2025.
In total, Anthropic raised $100 billion through a combination of debt and equity in 2026, marking a pivotal year for the company.
#What are the implications for investors?
The unique structure of this financing deal is particularly noteworthy, as it treats TPU leases similarly to real estate debt, providing warranties and a strategic asset class. Investors should pay close attention to Google’s dual role as both the chip provider and payment guarantor, as this positions the tech giant with considerable financial exposure tied to Anthropic's operations across the five data centers. Understanding this financial arrangement can provide insights into future investment risks and rewards, making it an important consideration for stakeholders in the technology sector.