Alternative asset manager Apollo said on Tuesday that Apollo-managed funds and affiliates are leading an initial $35 billion capital solution for Broadcom’s new AI XPV Platform, in partnership with Blackstone and leading global banks.
The platform is designed to enable more than 20GW of compute capacity for frontier AI labs through 2028. The first transaction will fund Anthropic’s previously announced expansion of more than 1GW of compute infrastructure for training and inference starting in mid-2026.
Apollo said the deal is the largest private financing ever executed.
The structure finances AI chips and related infrastructure through a special-purpose vehicle, with Broadcom backstopping the senior debt layers. Roughly half of the $35 billion was syndicated to other investors.
“The demand for AI compute is growing faster than traditional capital markets can accommodate,” said Won Kim, Head of Corporate Development and AI Infrastructure Partnerships at Broadcom.
Anthropic had outlined plans in October 2025 to bring well over a gigawatt of compute capacity online in 2026 through an expansion of its Google Cloud TPU usage worth tens of billions of dollars. Broadcom has said the XPV Platform is expected to be the first of several such structures.
