Broadcom, Apollo and Blackstone Unveil $35B AI Platform Funding 1GW Expansion
AVGO•Broadcom, Apollo and Blackstone launched a $35 billion AI XPV Platform, funding Anthropic’s 1 GW compute expansion at Fluidstack sites from mid-2026 and targeting over 20 GW by 2028. It issues $6 billion A1 notes at Treasuries plus 1%, $24 billion A2 at 5.75% and $4.5 billion B at 8.5%, with Broadcom supplying XPUs.
1. Launch of AI XPV Platform
Broadcom, Apollo and Blackstone have established the AI XPV Platform with an initial $35 billion financing tranche. The platform will fund Anthropic’s expansion of 1 GW of compute capacity at Fluidstack-operated sites starting mid-2026, with a broader aim to deploy over 20 GW of AI compute capacity by 2028 for labs including Anthropic and OpenAI.
2. Financing Structure and Terms
Apollo’s Atlas SP Partners unit created a special-purpose vehicle to issue $6 billion of A1 notes at Treasury yields plus 1%, $24 billion of A2 notes at a 5.75% coupon, and $4.5 billion of B notes at 8.5%, half of which were syndicated to other investors. Broadcom guarantees repayment of the A1 and A2 tranches under a residual value support agreement if lease payments fall short, insulating noteholders from residual asset risk.
3. Broadcom’s Role and Strategic Impact
Broadcom will supply custom XPUs and networking solutions for the platform, aiming to lower per-token delivery costs for frontier model training and inference. CEO Hock Tan describes the project as a once-in-a-generation opportunity, positioning Broadcom to capture AI infrastructure demand and reduce industry reliance on competing chip suppliers.
