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Apollo today announced that Apollo-managed funds and affiliates are leading an initial $35 billion capital solution as part of Broadcom’s new AI XPV Platform, in partnership with Blackstone and leading financial institutions.
Milbank LLP served as investors’ counsel in connection with the transaction, which is the largest private financing ever executed.
The platform is designed to enable over 20 GW in compute capacity for leading frontier AI labs through 2028 and to deliver committed, certain capital across a multi-year draw schedule. The transaction will facilitate Anthropic's previously announced capacity expansion of more than 1 GW of compute infrastructure for training and inference starting in mid-2026.
The platform represents a new model for mobilizing institutional capital at the scale required to meet the infrastructure demands of AI innovation, pairing some of the world's most advanced silicon and networking solutions with long-term, flexible capital to accelerate compute deployment across the frontier AI ecosystem.
Click here to read the official press release.
“We are very proud to have advised the investors in connection with this historic financing,” said Milbank partner Dan Bartfeld, Executive Committee member and co-chair of Milbank’s Digital Infrastructure Practice Group. “The participation of Apollo and Blackstone as primary capital partners reflects the increasingly vital role that private capital has in financing the digital infrastructure buildout, and will serve as a model for the industry moving forward.”
The Milbank team was led by partners Dan Bartfeld, Katie Hicks, Alexandra Johnson, Josh Forman, Jonathan Toffolo and Jaime Ramirez and special counsel Jenna Darler.
The team was also supported by partners Lauren Hanrahan, Alexander Martin, Matt Brown, Terry O’Donnell, Andrew Walker and Claire Bridcut, special counsel Kristine Kozicki and Katie Forer and associates Immanuel Akale, Atul Diwakar, Mai Mitsumori-Miller, Riley Ruppel, Christelle Lobo, Michael Gibbons, Favour Agunu, Rachel Tay, Blake Rocks and Farvah Javaid.
