Broadcom, Apollo, and Blackstone announced the establishment of the AI XPV Platform on Monday, launching with an initial $35 billion financing tranche led by Apollo, in partnership with Blackstone’s Credit & Insurance Business.
The platform is designed to enable more than 20 gigawatts of compute capacity using Broadcom’s XPUs and networking solutions for leading frontier AI labs, including Anthropic and OpenAI, through 2028
The initial transaction will facilitate Anthropic’s previously announced expansion of more than 1 gigawatt of compute infrastructure, expected to deploy at Fluidstack-based sites beginning in mid-2026. According to Bloomberg, the financing was divided into three separate tranches totaling $35 billion. Broadcom’s backing of the two senior tranches — a $6 billion A1 note and a $24 billion A2 note — gave investors access to borrowing costs that reflected Broadcom’s own creditworthiness.
A1 notes carried a coupon of 1 percentage point above Treasuries, and the A2 notes settled at par carrying a 5.75% rate. The remaining $4.5 billion of B notes lacked any Broadcom guarantee and were issued at par with a coupon of 8.5%. Other investors absorbed approximately half of the total debt through syndication.