Apollo Global Management (NYSE: APO) announced it is leading a $35 billion capital solution for Broadcom's new AI XPV Platform, partnering with Blackstone (NYSE: BX) and global banks. The platform aims to enable more than 20 gigawatts of compute capacity for AI laboratories through 2028.

The initial transaction will support Anthropic's capacity expansion of more than 1 gigawatt of compute infrastructure for training and inference beginning in mid-2026. Apollo-managed funds and affiliates are providing the capital through a multi-year draw schedule structure.

The financing represents what Apollo describes as the largest private financing transaction it has executed. The capital solution combines Broadcom's silicon and networking technology with institutional funding to accelerate compute deployment across the AI sector.

"AI compute is rapidly emerging as one of the most compelling new asset classes in finance, characterized by contracted cash flows, mission-critical utility and a supply-demand dynamic that continues to intensify," said Apollo Partner Jamshid Ehsani in the company's statement.

Won Kim, Head of Corporate Development and AI Infrastructure Partnerships at Broadcom, said the transaction serves as the first component of the XPV Platform, which the companies plan to scale alongside their partner group.

Goldman Sachs, Wells Fargo and Citi advised Apollo on the transaction. Wells Fargo is serving as Global Coordinator for one tranche, while Goldman Sachs, Bank of America and Morgan Stanley are Joint Placement Agents for another tranche. Morgan Stanley and JPMorgan Chase are advising Broadcom.

Apollo reported approximately $1.03 trillion in assets under management as of March 31, 2026, according to the company's statement.