Broadcom Teams Up with Private Equity Giant to Bet on AI Computing Power, $35 Billion Platform Hides Credit Default Swap

June 15. Semiconductor powerhouse Broadcom has partnered with Apollo and Blackstone to launch the AI XPV Platform, with an initial $35 billion scale and a first-phase deployment of 1 gigawatt of computing power. The platform will operate out of a Fluidstack-run data center, targeting to deliver over 20 gigawatts of compute capacity to leading AI labs like Anthropic and OpenAI by 2028. On the surface, this may look like a standard private equity infrastructure deal backed by Apollo and Blackstone to scale Anthropic’s computing resources. But The Information reveals Broadcom is taking on extraordinary risk behind the scenes: the chip giant has agreed to backstop the residual value of the chips. If Anthropic defaults and the chips are sold at a discount, Broadcom will cover the shortfall for senior noteholders. That makes the deal’s risk profile far steeper than a typical lease—Broadcom is essentially using its own credit to underwrite Anthropic’s compute power commitment. This push boosts Broadcom’s foothold in AI and has drawn in clients looking to cut their dependence on Nvidia. Back in April, Broadcom locked in a long-term custom chip deal with Google, plus a separate pact to supply roughly 3.5 gigawatts of Google processor compute capacity to Anthropic.