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Apollo leads $35 billion in AI credit deals, challenges Wall Street banks

2026-07-15·newswire-us-stock-201702

Apollo leads $35 billion in AI credit deals, challenges Wall Street banks.

Apollo Global Management recently arranged a record $35 billion in private credit financing for Broadcom and artificial intelligence company Anthropic, challenging the core business areas of traditional Wall Street banks.

This deal is also Apollo, The first financing of the "AI XPV Platform" jointly established by the Group and Broadcom aims to provide more than 20 gigawatts of computing power to cutting-edge AI laboratories by 2028.

The transaction adopts a special purpose vehicle structure, raising funds through a mixture of debt and equity to purchase chips, and then leases them to Anthropic, using rent as the main source of debt repayment. Apollo said it was the only lender capable of underwriting the entire $35 billion, allowing the deal to be completed within weeks.

The deal was led through Apollo's Atlas SP unit, with Blackstone and other institutional investors also involved in the distribution of some of the debt.

The financing is designed to allow Broadcom to keep debt off-balance sheet while providing corporate guarantees to add credit to some of its senior debt, helping Broadcom and Anthropic finance their AI computing expansion without relying entirely on traditional corporate borrowing.

The specific debt structure is divided into three layers: tranche A1 of US$6 billion, tranche A2 of US$24 billion, both of which have received credit endorsement from Broadcom; and another US$4.5 billion of unsecured tranche B notes. Serves as principal advisor to Broadcom and assists in structuring the transaction.

The deal follows Apollo’s previous Structured financing model developed by other companies. Apollo currently has more than $1 trillion in assets under management, and the permanent capital provided by its insurance business Athene is well-positioned to support such large-scale and complex financings.

The company estimates that up to $100 trillion may be needed in the coming decades to support digital infrastructure and global power demand.

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Full text

Apollo leads $35 billion in AI credit deals, challenges Wall Street banks

Apollo Global Management recently arranged a record $35 billion in private credit financing for Broadcom and artificial intelligence company Anthropic, challenging the core business areas of traditional Wall Street banks. This deal is also Apollo, The first financing of the "AI XPV Platform" jointly established by the Group and Broadcom aims to provide more than 20 gigawatts of computing power to cutting-edge AI laboratories by 2028. The transaction adopts a special purpose vehicle structure, raising funds through a mixture of debt and equity to purchase chips, and then leases them to Anthropic, using rent as the main source of debt repayment. Apollo said it was the only lender capable of underwriting the entire $35 billion, allowing the deal to be completed within weeks. The deal was led through Apollo's Atlas SP unit, with Blackstone and other institutional investors also involved in the distribution of some of the debt. The financing is designed to allow Broadcom to keep debt off-balance sheet while providing corporate guarantees to add credit to some of its senior debt, helping Broadcom and Anthropic finance their AI computing expansion without relying entirely on traditional corporate borrowing. The specific debt structure is divided into three layers: tranche A1 of US$6 billion, tranche A2 of US$24 billion, both of which have received credit endorsement from Broadcom; and another US$4.5 billion of unsecured tranche B notes. Serves as principal advisor to Broadcom and assists in structuring the transaction. The deal follows Apollo’s previous Structured financing model developed by other companies. Apollo currently has more than $1 trillion in assets under management, and the permanent capital provided by its insurance business Athene is well-positioned to support such large-scale and complex financings. The company estimates that up to $100 trillion may be needed in the coming decades to support digital infrastructure and global power demand.

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