Apollo Global Management has led a $35bn initial capital solution for a new AI infrastructure platform developed with Broadcom, in partnership with Blackstone and a syndicate of global banks, in what is being positioned as one of the largest private financings for AI compute capacity to date.
The financing forms the first stage of Broadcom’s AI XPV Platform, which is designed to support more than 20 gigawatts of compute capacity for frontier AI laboratories through 2028. The structure is intended to provide long-dated, committed capital to fund large-scale infrastructure deployment aligned with demand from leading artificial intelligence developers.
A key initial use of proceeds is expected to support previously announced capacity expansion plans by AI developer Anthropic, including the build-out of more than 1GW of compute infrastructure for training and inference starting in mid-2026.
The XPV Platform is being framed by sponsors as a new financing model for AI infrastructure, combining hardware, networking and long-term capital solutions to accelerate the development of compute-intensive AI systems. Apollo and Blackstone are acting as primary capital partners alongside a group of global lending institutions.
Apollo described the transaction as part of a broader shift toward infrastructure-style financing for AI compute, highlighting contracted cash flows, utility-like demand characteristics and growing structural supply constraints in high-end computing capacity. The firm also pointed to its integrated credit and capital solutions platform as central to structuring the multi-year funding arrangement.
Broadcom said the initiative reflects rising demand for AI compute that is increasingly outpacing traditional capital markets’ ability to fund large-scale infrastructure requirements, adding that the XPV Platform will serve as a foundational structure for future expansion alongside Apollo, Blackstone and other financial partners.
The transaction is structured across multiple tranches with participation from a wide range of global financial institutions, including arrangers and placement agents across investment banking and private capital markets. Legal and advisory roles were split among several leading law firms, reflecting the complexity and scale of the financing.
The deal underscores the growing convergence between private capital, semiconductor infrastructure providers and frontier AI developers as competition intensifies for access to compute capacity. It also highlights the increasing role of alternative asset managers in financing next-generation digital infrastructure at scale.
Apollo, which manages more than $1tn in assets, has been among the most active private capital providers in large-scale credit and infrastructure-linked transactions, while Blackstone has similarly expanded its exposure to digital infrastructure and AI-related investment themes.
The XPV Platform is expected to evolve into a broader financing ecosystem for AI infrastructure deployment as demand for compute continues to accelerate globally, with sponsors indicating that additional capital partnerships and expansions may follow as the build-out progresses.
