Investment giants Blackstone and Apollo Global Management are reportedly in discussions with Broadcom over a $35 billion financing deal to fuel the vendor's AI chipmaking buildout.

The chip giant is reportedly seeking financing from lenders to bolster its production, according to Bloomberg, in what could potentially be one of the biggest-ever private credit deals.

Broadcom in recent weeks has secured sizable deals with Meta and Google to help develop custom silicon solutions. It also struck a deal with OpenAI for work on custom accelerators following a deal signed last October, while rival Anthropic was revealed to be the mystery Broadcom customer behind a $10 billion custom-chip deal.

Bloomberg’s report comes after a regulatory filing revealed Broadcom’s recent Google deal. According to the filing, which involves Anthropic tapping Tensor Processing Unit (TPU) capacity, the parties are in discussions with "certain operational and financial partners."

The chip firm has already undertaken measures to restructure its debt load, notably having issued $4.5 billion in senior notes back in January to push repayments further out from 2031 to as far as 2056.

Negotiations of the reported tie-up with private credit leaders are ongoing, but should it come to fruition, Broadcom would receive backing from firms increasingly eyeing the semiconductor space amid a slew of sky-high stock prices. Broadcom alone stands at $430, a 13% rise in just the past month.

Apollo Global has a history in this space, having acquired Rackspace back in 2016 for $4.3 billion, while also investing in data center firms like ValorC3, Stream Data Centers, and Yondr. It’s also providing backing for chip startups like SiFive.

But at the level of Broadcom, Apollo Global most notably worked with Intel, with the investment firm having purchased a 49% equity interest in Intel’s Fab 34 in Ireland – a stake the chip giant repurchased only a few weeks ago for $14.2 billion.

Blackstone, meanwhile, acquired QTS Data Centers in 2021, invested in network automation firm NetBrain Technologies, and was the anchor behind debt financing rounds for CoreWeave in 2023 and 2024.

While the investment giants are reportedly lending their expertise, Broadcom looks to be carving its own path effectively, with its takeover of VMware quickly becoming a core earnings driver.

Just last week, the firm unveiled version 9.1 of its flagship VMware Cloud Foundation (VCF) platform, which included updates focusing on helping customers address current hardware supply chain challenges.