Broadcom, SpaceX and Oracle AI chip financing

Broadcom is organizing more than $50 billion in financing for OpenAI's custom AI chip program, with Apollo and Blackstone in early discussions as lenders and a close targeted before end of 2026. The Information reported the deal hit an $18 billion financing obstacle. The chip program, called Nexus, targets deployment of 10 gigawatts of AI accelerators by late 2029; its first two chip generations are named Jalapeño and Serrano. One report describes the structure as mirroring a $60 billion facility Broadcom previously arranged for Anthropic; another source puts that facility at $42 billion, leaving the two figures unreconciled. In June, Broadcom established a separate platform with Apollo and Blackstone to finance more than 20 gigawatts of capacity for developers including Anthropic and OpenAI through 2028, starting with an initial $35 billion tranche.

SpaceX is seeking $40 billion structured as $10 billion in bank loans and $30 billion in investment-grade bonds to fund a Nvidia chip order. Apollo is expected to lead the deal and help distribute the debt; PIMCO is also in talks. The transaction targets a 2027 close and had not been publicly announced by SpaceX or Apollo as of the reporting.

Oracle is negotiating with Apollo and Goldman Sachs for chip financing tied to a 1-gigawatt data center, aiming to close by year-end. The deal may be structured so that a separate investor-funded company buys the chips, allowing Oracle to pay from cloud revenue without increasing its own debt.

Apollo's involvement in both the Broadcom and SpaceX deals follows its announcement of a $500 billion compute-financing initiative with Nvidia and five other financial institutions. Morgan Stanley estimates AI infrastructure will require $1.5 trillion in external financing by 2028.