Apollo leads $35 billion debt deal for Anthropic's compute

Apollo and Blackstone announced that they've partnered with Broadcom to launch an AI infrastructure platform backed by an initial $35 billion loan.

Why it matters: It's further commoditization of compute, which could challenge SpaceX's long-term growth prospects.

• It's also one of the largest private credit deals ever.

Zoom in: The financing is expected to be syndicated, and will help Anthropic lease Google chips that Broadcom helped develop — all via Fluidstack data centers.

• Overall, the platform is designed to enable more than 20 gigawatts of compute capacity through 2028.

Go deeper, via PitchBook: "Holding the hardware in the SPV keeps it off Anthropic's balance sheet — useful for a company preparing to list on a market where companies with high debt loads are often punished by investors. ... The use of off-balance-sheet financing has also set alarm bells ringing among regulators."