Broadcom seeks up to $100 billion in debt financing for AI chip deal

Broadcom Inc. is negotiating with lenders, including Blackstone and Apollo Global Management, to raise up to $100 billion in debt financing. The deal, structured through an off-balance-sheet special-purpose vehicle, will fund custom AI chip production for Anthropic PBC and other clients. This massive capital push aims to challenge Nvidia Corporation's market dominance by helping tech firms build proprietary accelerators, shifting the AI race toward securing deep pools of capital.

Broadcom debt financing deal

• ▪Broadcom Inc. is in negotiations with lenders to raise between $60 billion and $100 billion in debt financing to support artificial intelligence chip production for Anthropic PBC and other clients.
• ▪The proposed Broadcom Inc. debt financing is expected to be issued through a special-purpose vehicle, keeping the liabilities off the chipmaker's own balance sheet.

AI chip financing structure

• ▪Alternative deal terms reported by CNBC's David Faber outline a $70 billion to $80 billion total raise, consisting of a $45 billion senior tranche and a $35 billion junior tranche.
• ▪The Broadcom Inc. debt structure may include a senior secured tranche of $60 billion to $70 billion, partially guaranteed by Broadcom, and a junior debt tranche of approximately $30 billion.

Custom chip Nvidia competition

• ▪Nvidia Corporation arranged with investment firms including Apollo, Blackstone, BlackRock, Brookfield, Goldman Sachs, and KKR to secure over $500 billion in third-party financing.
• ▪Nvidia Corporation disclosed in a securities filing that it will provide up to $105 billion to finance a new data center for OpenAI in Ohio.
• ▪Broadcom Inc. designs custom silicon for Alphabet Inc. and Meta Platforms Inc. to help them build in-house accelerators and reduce their reliance on market leader Nvidia Corporation.

Anthropic infrastructure expansion

• ▪The AI XPV Platform aims to facilitate more than 20 gigawatts of data center capacity for leading AI laboratories like Anthropic PBC and OpenAI by 2028.
• ▪Bank of America analyst Tom Curcuruto projects that Broadcom Inc.'s chip financing facility could expand to $370 billion in senior debt by mid-2029 to fund 20 gigawatts of capacity.
• ▪Broadcom Inc., Apollo Global Management, and Blackstone established the AI XPV Platform in June 2026, providing an initial $35 billion in financing to Anthropic PBC.

Blackstone Apollo investment participation

• ▪Blackstone and Apollo Global Management are in discussions with Broadcom Inc. to participate as investors in the multi-billion dollar debt financing deal.
• ▪Blackstone declined to comment on the negotiations, while Broadcom Inc. and Apollo Global Management did not immediately respond to requests for comment regarding the Bloomberg report.