Broadcom, Apollo and Blackstone Launch $35 Billion AI Infrastructure Platform
Broadcom, Apollo Global Management and Blackstone have launched a $35 billion AI infrastructure financing platform aimed at rapidly expanding global compute capacity for artificial intelligence development.
The companies announced creation of the AI XPV Platform, which opens with an initial financing tranche led by Apollo in partnership with Blackstone’s Credit & Insurance business. The platform is designed to support more than 20 gigawatts of AI compute capacity using Broadcom’s XPUs and networking systems for leading AI developers, including Anthropic and OpenAI, through 2028.
The initial financing will support Anthropic’s previously announced expansion of more than 1 gigawatt of compute infrastructure, expected to be deployed at Fluidstack-based sites beginning in mid-2026.
According to reports, the $35 billion financing is structured in three tranches. Broadcom backed two senior notes — a $6 billion A1 tranche and a $24 billion A2 tranche — giving investors exposure at borrowing costs tied closely to Broadcom’s credit profile. The A1 notes carry a spread of 1 percentage point over Treasuries, while the A2 notes were issued at par with a 5.75% coupon.
A separate $4.5 billion B tranche, without Broadcom’s guarantee, was issued at par with an 8.5% coupon. Roughly half of the total debt was distributed through syndication.
Apollo’s Atlas SP Partners structured the special-purpose vehicle that acquires the chips using debt and equity before leasing them to Anthropic. Under a residual value support agreement, Broadcom would cover outstanding obligations on senior notes if Anthropic defaults and asset sale proceeds are insufficient.
Apollo described the deal as the largest private financing ever executed, highlighting growing investor appetite for AI infrastructure as a new asset class with contracted cash flows and long-term demand visibility.
Broadcom CEO Hock Tan said the platform aligns capital markets with the company’s technology roadmap, while Apollo President Jim Zelter said it provides the financial foundation to scale the ecosystem. Blackstone President Jon Gray called it a major opportunity to invest across AI infrastructure at scale.
Morgan Stanley served as lead advisor to Broadcom, with JPMorgan Chase acting as co-advisor. Goldman Sachs, Wells Fargo and Citi advised Apollo.
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