Apollo Global Management and Blackstone have completed a $35 billion financing package for Anthropic, advancing one of the largest private-credit deals tied to the AI boom.

The debt financing is split across three tranches, according to people familiar with the transaction. The proceeds are intended to support Anthropic’s expansion of AI infrastructure, including funding Google’s custom chips that the company will lease, Bloomberg previously reported.

The deal underscores how quickly artificial intelligence spending has become a major target for Wall Street lenders and private capital firms. As AI developers race to secure computing power, financing structures are increasingly being built around the enormous upfront costs of chips, data centers and related equipment.

For Anthropic, the arrangement provides a large pool of capital to help meet demand for its models and services without relying solely on traditional equity funding. For Apollo and Blackstone, it adds another high-profile transaction in a market where investors are competing to back the infrastructure layer behind generative AI.

The financing was finalized after the firms had been weighing a package worth roughly the same size in recent weeks. The final structure places the debt across three portions, though the people familiar with the matter were not identified publicly in the report.

Anthropic, one of the most closely watched AI startups, has been expanding as competition intensifies among leading model developers. The company’s infrastructure needs have grown alongside broader industry demand for specialized chips, which are essential for training and running large AI systems.

The transaction also reflects the growing role of nontraditional financing in the AI sector. Instead of funding chip purchases directly through balance-sheet spending alone, companies are increasingly using leased arrangements and large debt packages to secure access to scarce hardware. That approach can help spread costs over time, but it also ties lenders more closely to the economics of a rapidly evolving industry.

The size of the package highlights how much capital providers are willing to commit to AI infrastructure bets. It comes as major technology and financial firms continue to pour money into the sector, even as questions remain about the pace of returns from corporate AI investments.

Apollo and Blackstone have both been active in large-scale financing tied to technology and infrastructure assets. By closing the Anthropic package, they have positioned themselves at the center of a market that is becoming one of the defining themes of the AI race.

The deal adds momentum to a wave of financing activity surrounding leading AI companies, which have been seeking ways to secure the computing resources needed to stay competitive. With chip supply, power and data center capacity all under pressure, deals like this are likely to remain a key part of the sector’s growth story.