Broadcom is negotiating a massive new debt package exceeding $60 billion to finance AI chip infrastructure, in what could become one of the largest technology financing arrangements ever assembled.
Bloomberg reported that the structure could include roughly $60 billion to $70 billion in senior secured debt alongside approximately $30 billion in junior financing, potentially bringing the total package to around $100 billion. The capital would support AI infrastructure involving Anthropic and potentially other major AI customers.
Building on the Apollo Blueprint
The new deal follows Broadcom’s earlier $35 billion financing led by Apollo Global Management in June, which was structured through a special-purpose vehicle to purchase AI chips leased to Anthropic. Broadcom CEO Hock Tan described that earlier arrangement as the launch of the company’s AI XPV platform, designed to deploy more than 20 gigawatts of compute capacity through 2028.
In the June transaction, the largest senior tranches totaling $30 billion were backed by Broadcom’s credit, while $4.5 billion in junior notes carried an 8.5% coupon without the company’s backing. That structure attracted Blackstone, Apollo, and other institutional investors seeking exposure to AI infrastructure as an asset class.
AI Debt as a New Asset Class
The escalating scale of these deals signals a fundamental shift in how AI infrastructure is financed. Rather than placing the entire burden on technology companies’ balance sheets, chipmakers, private credit firms, banks, and institutional investors are building special-purpose financing structures around expected future compute demand.
AI capital expenditure is becoming an asset class of its own, attracting the kind of financing models typically associated with energy, telecom, and major industrial projects.
For Broadcom, the strategy positions the company as both a chip designer and a financial intermediary in the AI supply chain. The company designs custom accelerators that help hyperscalers reduce dependence on Nvidia GPUs, and the financing structures allow customers like Anthropic to scale compute without bearing the full upfront capital cost.
The deal also underscores the staggering capital requirements of the AI industry. Anthropic’s annualized revenue reportedly reached roughly $65 billion by late July, up sharply from end-2025, but the company’s compute needs continue to outpace its ability to self-fund infrastructure. Broadcom’s financing packages effectively bridge that gap by converting future compute demand into bankable debt instruments.
Sources: Bloomberg; The Economic Times; Dealroom; The Information; CNBC
discussion