Apollo Global Management is structuring loans backed by AI processors and the lease payments they generate, turning GPU rental contracts into a new asset class. The firm announced on June 9 a $35 billion capital solution with Blackstone to finance Broadcom’s AI XPV Platform, acquiring cutting-edge chips to lease to companies like Anthropic. These chips include Google’s custom TPUs, leased to Anthropic as part of a plan to expand compute capacity by over 1GW starting mid-2026, targeting over 20GW by 2028. A prior $3.4 billion deal around Nvidia chips leased to xAI was completed in February 2026. A portion of the $35 billion package is expected to hit the secondary market after July 2026, allowing other institutional investors to buy slices of AI chip lease debt.
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