The deal allows Anthropic to secure AI capacity without needing to borrow on their balance sheet. Blackstone’s underwriting capacity allows them to earn high fees with their capital.
To fund Anthropic’s AI
Blackstone is reportedly speaking with investors to finance the purchase of AI chips (TPUs from Google) that will be leased by Anthropic.
Over $36 billion
The deal may be for over $36 billion – which would be larger than the similar deal co-led by Apollo and Blackstone for Anthropic in June.
Broadcom effectively guaranteed part of the cashflows on the June deal – which could be part of this structure.
Tapping every market for this global-economy-changing capex
This follows the pattern of the hyperscalers and other large AI companies (including Anthropic) in looking for every possible market to tap debt capital – including bonds, private credit, syndicated finance, and asset-backed finance – across currencies.
For investors this can start to create correlation risks across portfolios which they modelled as being uncorrelated.
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