Anthropic Overtakes OpenAI at $965 Billion, Then Seeks $36 Billion to Rent Google’s AI Chips

Investors are being asked to submit orders this week, with the deal expected to close next week.

May 29, 2026

Apollo Global Management and Blackstone are working to bring additional investors into a roughly $36 billion debt financing deal to help Anthropic build out its AI infrastructure, Bloomberg reported Thursday, May 28.

The money will be used to buy Google's custom AI chips called TPUs (tensor processing units), the specialised processors that run large AI models. Those chips will then be leased back to Anthropic for use in data centers across New York, Texas, Louisiana, and Indiana.

Broadcom, which co-develops the TPUs with Google, is backstopping payments on the senior portions of the deal, which total roughly $31 billion of the $36 billion. If Anthropic stops paying and the chips cannot cover the debt when sold, Broadcom covers the gap.

Investors are being asked to submit orders this week, with the deal expected to close next week. Discussions are ongoing and terms could still change. Apollo, Blackstone, Anthropic, Google, and Broadcom haven't made a public statement following the report.

How the $36 Billion Chip Deal Connects to the $965 Billion Valuation

The debt financing deal broke the same day Anthropic announced it raised $65 billion in a Series H round, valuing the company at $965 billion. That overtook OpenAI, which was last valued at $852 billion after its $122 billion round in March.