Broadcom NASDAQ:AVGO, a chip company involved in custom AI silicon, and Anthropic, an AI company, are preparing to see part of a $35 billion financing package tied to AI infrastructure expansion become available for trading. The deal, arranged by Apollo Global Management NYSE:APO, an alternative asset manager, and Blackstone NYSE:BX, a global investment firm, is expected to enter a new phase in the coming months as a portion of the debt is drawn, according to people familiar with the matter. Investors may view the development as another sign that the AI buildout is increasingly being funded through large and creative credit structures.
By early next year, about $15 billion of the package is expected to be available for trading, while investors expect roughly $24 billion to be drawn by summer 2027. The borrower is a special purpose vehicle buying custom chips developed by Google NASDAQ:GOOG, a technology company, and Broadcom, then leasing those chips to Anthropic. Broadcom is backstopping Anthropic's payments on the largest senior portions of the debt, a structure that may matter to credit investors assessing risk exposure across the AI infrastructure chain.
The financing uses a delayed draw format, allowing the borrower to access the raised capital in about 16 separate releases over more than a year as the chips become available. The debt was first issued in the relatively illiquid private placement market, and once drawn, it is expected to trade in the 144a market, where qualified investors such as insurers and mutual funds can buy and sell debt securities. For investors, the transaction suggests that demand for AI data centers and chips may continue pushing technology companies and their financing partners deeper into both private and public credit markets.