Apollo and Blackstone lead $35 billion financing for Broadcom AI compute platform

Apollo Global Management said on June 9, 2026 that funds it manages are leading an initial $35 billion capital package for Broadcom's new AI XPV Platform, in partnership with Blackstone and a group of global banks. The financing is meant to enable more than 20 gigawatts of compute capacity for leading frontier AI labs through 2028.

Apollo partner Jamshid Ehsani called it "the largest private financing ever executed" — a claim that signals how far AI buildouts have moved beyond conventional capital markets. Won Kim, Broadcom's head of corporate development and AI infrastructure partnerships, said demand for AI compute is growing faster than traditional markets can accommodate.

The platform is built around Broadcom's XPUs and networking gear, custom silicon the company tailors for frontier labs including Anthropic and OpenAI. The first transaction backs Anthropic's previously announced expansion of more than 1 gigawatt of compute for training and inference, starting in mid-2026, Blackstone said.

The "largest ever" characterization is Apollo's own and has not been independently verified; comparisons across private financings are difficult because terms are rarely disclosed in full. What is clear is the scale of the sponsor: Apollo reported roughly $1.03 trillion in assets under management as of March 31, 2026.

The deal also draws in much of Wall Street. Goldman Sachs, Wells Fargo and Citi advised Apollo, while Morgan Stanley served as lead advisor and JPMorgan Chase as co-advisor for Broadcom.

The structure points to a model the industry is increasingly reaching for: routing tens of billions of dollars in private credit and equity into chips, networking and power, rather than financing each data center deal on its own. How much of the 20-gigawatt target is contracted versus aspirational was not detailed.