Overview
- The companies announced on Tuesday that Apollo‑managed funds are leading an initial $35 billion tranche, joined by Blackstone and major banks, to kick off Broadcom’s AI XPV Platform.
- The deal uses an Atlas SP Partners special‑purpose vehicle to buy custom chips and lease them to Anthropic, with Broadcom providing residual‑value support for the senior notes if lease payments fail.
- Bloomberg reporting described the financing as split into A1 and A2 senior notes (about $6 billion and $24 billion) backed by Broadcom and a roughly $4.5 billion B tranche without that guarantee.
- The first tranche will fund Anthropic’s expansion of more than 1 gigawatt of compute capacity to be deployed at Fluidstack‑operated U.S. sites beginning in mid‑2026, and the platform targets over 20 GW by 2028.
- Multiple reports say Google has agreed to backstop lease payments at several linked data centers, a structure that concentrates credit and operational ties and has prompted analysts and regulators to flag circularity and systemic risk.