Alternative asset managers Apollo and Blackstone have partnered with global technology company Broadcom to launch an artificial intelligence (AI) infrastructure platform, with the backing of $35bn (£26.2bn).
The platform, named AI XPV Platform, will provide more than 20 gigawatts of compute capacity for AI labs through to 2028, the firms said.
It will also support Anthropic’s previously announced capacity expansion of more than one gigawatt of compute infrastructure, beginning in mid-2026.
Read more: AI software platform Perk secures $300m from major lenders
Apollo and Blackstone acted as the platform’s primary capital partners, with the $35bn also raised from banks. Jamshid Ehsani, partner at Apollo, described the deal as the “largest private financing ever executed”.
“AI compute is rapidly emerging as one of the most compelling new asset classes in finance, characterised by contracted cash flows, mission-critical utility and a supply-demand dynamic that continues to intensify,” said Ehsani. “As hyperscalers and frontier AI labs work to secure the computing power necessary to train and deploy next-generation models, the demand for flexible, large-scale financing requires new capital solutions.”
Read more: Blackstone lands ¥1.5tn private credit mandate from Nippon Life
“The demand for AI compute is growing faster than traditional capital markets can accommodate, and this initial transaction, led by Apollo, demonstrates what becomes possible when world-class technology is paired with a partner of that caliber,” said Won Kim, head of corporate development and AI infrastructure partnerships at Broadcom.
