Anthropic is in early-stage talks for a second private credit deal, targeting at least $36 billion to finance its lease of Google's custom AI chips, following a $65 billion Series H equity raise.

Blackstone is discussing a massive private credit package for Anthropic to cover the substantial costs of compute infrastructure. This proposal follows a recent $35 billion deal for AI compute capacity. Anthropic's high compute expenses highlight the need for continued debt financing rather than reliance on equity capital. The situation underscores the rapid movement in the private credit market.