BREAKING
Apollo $35B AI Debt Deal to Trade
0
B
initial tranche $
0
GW
compute capacity
0
M
Apollo equity $
How the off-balance-sheet deal works
1
SPV buys TPUs
↓
2
Leases to Anthropic
↓
3
Broadcom backs debt
↓
4
Off balance sheet
The $34.5B tranche structure
Senior A1
6
Senior A2
24
Class B
4.5
Upside versus liquidity risk
Positives
Pro
●
Off-balance-sheet capacity
●
Broadcom guarantee cuts cost
Risks
Con
●
TPU secondary liquidity
●
Forced-sale value gap
Private capital enters AI supply chain
AI NEWS BLITZ
A record thirty-five billion dollar AI credit deal is about to hit the secondary market.