Broadcom, SpaceX, Oracle Each Seek Tens of Billions in AI Chip Financing

Three large technology companies are simultaneously pursuing tens of billions in private financing to fund AI hardware. Broadcom is seeking more than $50 billion, with Apollo Global Management and Blackstone in early discussions as lenders, to fund a custom AI chip program it is co-developing with OpenAI; the deal is expected to close before year-end. Separately, The Information reported that the OpenAI-Broadcom chip deal has hit an $18 billion financing snag. SpaceX is seeking roughly $40 billion, structured as $10 billion in bank loans and $30 billion in investment-grade debt, to purchase Nvidia chips; Apollo is expected to lead that deal, which is targeted to close in 2027. Oracle is in separate talks with Apollo and Goldman Sachs to finance chip purchases for a 1-gigawatt data center, potentially through an off-balance-sheet lease structure, with those discussions aimed at closing by year-end.

Broadcom had previously established a financing platform in June with Apollo and Blackstone to cover more than 20 gigawatts of AI computing capacity for developers including Anthropic and OpenAI through 2028, starting with an initial $35 billion tranche led by Apollo. The Broadcom-OpenAI custom chip program was agreed to in October 2025 and targets 10 gigawatts of AI accelerators deployed by late 2029; OpenAI refers to it internally as Nexus. Morgan Stanley estimates AI infrastructure will require $1.5 trillion in external financing by 2028.