Apollo Global Management and Blackstone have raised $35 billion in a new financing arrangement with chipmaker Broadcom to fund artificial intelligence infrastructure for Anthropic, the AI startup backed by Google. The deal represents one of the largest private financing packages assembled for AI hardware deployment.
Broadcom will help structure and manage chip supply arrangements under the financing platform, which is designed to support Anthropic's expansion of computing capacity. Google has provided financial guarantees underpinning portions of the agreement, according to reports. The arrangement allows Anthropic to scale its AI operations without committing the full capital upfront for expensive semiconductor orders and data center infrastructure.
The financing structure addresses a growing challenge in the AI industry: the massive upfront costs required to secure advanced chips and build the computing infrastructure needed to train and run large language models. Companies like Anthropic and OpenAI require billions of dollars in specialized hardware, primarily graphics processing units and custom AI accelerators, to remain competitive. Traditional venture capital and corporate funding often prove insufficient for these capital requirements.
Apollo and Blackstone, two of the world's largest alternative asset managers, have increasingly moved into technology infrastructure investments as AI development accelerates. The firms see opportunities to provide capital for physical assets like chips and servers that have predictable demand from well-funded AI companies. Broadcom, which designs custom chips for major technology companies, gains a financing mechanism that can help its AI customers afford larger orders.
The arrangement comes as competition intensifies among AI labs to secure computing resources. Access to cutting-edge chips has become a strategic bottleneck, with manufacturing capacity constrained and prices elevated. By securing committed financing, Anthropic aims to lock in supply and expand its infrastructure as it competes with rivals including OpenAI and technology giants developing their own AI systems. The deal also reflects growing confidence among financial institutions that AI infrastructure represents a sound investment as the technology moves from research to commercial deployment across industries.