Broadcom just pulled off one of the largest private credit transactions ever linked to AI infrastructure. S&P Global Ratings took one look at the first tranche and said: not great for your credit profile.
On June 11, S&P Global Ratings characterized the first tranche of Broadcom’s AI XPV Platform financing as credit negative. The designation applies to a sprawling $35 billion deal led by Apollo with participation from Blackstone, announced just two days earlier on June 9. The purpose: funding Anthropic’s massive expansion in AI computing capacity.
Inside the $35 billion structure
The financing is structured through what Broadcom calls its AI XPV Platform, a debt vehicle designed to fund the company’s push into custom AI silicon without crushing its balance sheet.
The debt breaks down into two distinct risk tiers. Senior A1 and A2 notes account for roughly $30 billion of the total. These carry a safety net in the form of Broadcom’s residual value support, meaning the company stands behind them with its own balance sheet guarantees.
