Apollo’s $35 Billion AI Chip Credit Deal Is Set to Begin Trading

Apollo Global Management and Blackstone are set to begin trading portions of a $35 billion private credit deal financing AI chip infrastructure for Broadcom and Anthropic, with about $15 billion expected to be available by early next year. The debt, backed by custom chips from Google and Broadcom leased to Anthropic, will trade in the 144a market as funds are drawn over the next year.

Bloomberg -- More money managers and dealers are about to get their hands on pieces of the largest private credit deal on record — when a chunk of a $35 billion financing package for Broadcom Inc. and Anthropic PBC's AI infrastructure expansion begins trading. Most Read from Bloomberg - Microsoft's Xbox to Shift Obsidian Studio to New 'Fallout' Video Game https://www.bloomberg.com/news/articles/2026-07-08/microsoft-s-xbox-to-shift-obsidian-studio-to-new-fallout-video-game?utm campaign=bn&utm medium=distro&utm source=yahooUS - Nvidia's $1 Trillion Slide Sends Valuation to Pre-AI Boom Levels https://www.bloomberg.com/news/articles/2026-07-08/nvidia-s-1-trillion-slide-sends-valuation-to-pre-ai-boom-levels?utm campaign=bn&utm medium=distro&utm source=yahooUS - Trump Vents Anger With Iran and Warns Ceasefire May Be 'Over' https://www.bloomberg.com/news/articles/2026-07-08/trump-says-us-ceasefire-with-iran-is-over-after-strikes?utm campaign=bn&utm medium=distro&utm source=yahooUS - US Military Launches Strikes on Iran for Second Straight Day https://www.bloomberg.com/news/articles/2026-07-08/us-military-launches-strikes-on-iran-for-second-straight-day?utm campaign=bn&utm medium=distro&utm source=yahooUS - Greece Offers Bounty to Catch Ravenous Fish Lured by Warming Sea https://www.bloomberg.com/news/articles/2026-07-05/greece-offers-bounty-to-catch-ravenous-fish-lured-by-warming-sea?utm campaign=bn&utm medium=distro&utm source=yahooUS Starting in the next few months, a portion of the debt — arranged by Apollo Global Management Inc. and Blackstone Inc. — is expected to be drawn, meaning it'll become eligible for trading, according to people with knowledge of the matter. By early next year, about $15 billlion should be available for trading, according to the people. Investors expect about $24 billion of the debt package to be drawn by summer 2027, the people said. A representative for Apollo declined to comment. A representative for Blackstone declined to comment. The borrower in the transaction is a special purpose vehicle that is buying custom chips developed by Google and Broadcom, and leasing them out to Anthropic. Broadcom is backstopping Anthropic's payments on the largest senior portions of the debt, Bloomberg previously reported. The novel debt structure underscores the creativity that companies competing in artificial intelligence are using to raise hundreds of billions of dollars for data center construction and the chips they need. Tech companies are flooding both public and private credit markets. The transaction uses a delayed draw format, where the borrower can draw on the money raised when it needs it, in about 16 separate releases over more than a year as the chips become available, the people said. The debt was first issued in the relatively illiquid private placement market, Bloomberg reported earlier this month. Once the money is drawn, it will begin to trade in the 144a market, which is where qualified investors including insurers and mutual funds can buy and sell debt securities, they added. Most Read from Bloomberg Businessweek - More Workers Take Mental Health Leave, and Bosses Aren't Happy https://www.bloomberg.com/news/articles/2026-07-08/mental-health-leave-is-rising-as-more-us-workers-take-fmla-time-off?utm campaign=bw&utm medium=distro&utm source=yahooUS - How an Italian Bike-Parts Pioneer Fell Behind at the Tour de France https://www.bloomberg.com/news/articles/2026-07-08/tour-de-france-shimano-sram-outpace-campagnolo-in-bike-components-race?utm campaign=bw&utm medium=distro&utm source=yahooUS - At 17, She Sued Meta and Google, and Won. Now She's Ready to Tell Her Story https://www.bloomberg.com/news/features/2026-07-03/google-and-meta-lost-a-landmark-trial-to-kaley-but-kept-her-as-a-user?utm campaign=bw&utm medium=distro&utm source=yahooUS ©2026 Bloomberg L.P.