TLDR
- Broadcom is holding early talks to arrange more than $50 billion in debt financing for OpenAI’s custom AI chip purchases.
- The deal could raise around $30 billion in its next phase, according to people familiar with the matter.
- Apollo Global Management and Blackstone are among the potential lenders being approached.
- The financing would support Broadcom and OpenAI’s custom chip program, known internally as Nexus.
- Oracle is separately working with lenders on financing for its own AI chip purchases.
Broadcom (AVGO) stock ticked up 0.19% on Thursday as word spread of a new financing push tied to OpenAI. The chipmaker is exploring a debt deal worth more than $50 billion to help fund custom AI chip purchases.
Oracle (ORCL) stock slipped 0.84% the same day. Oracle is working on its own separate financing plan tied to chip buying.
The Broadcom-OpenAI talks are still in early stages. No formal process has started, and the terms could change before anything gets signed.
Bloomberg and the Wall Street Journal first reported the discussions. Sources said the figure could land near $30 billion for this next phase of funding.
Apollo Global Management and Blackstone are among the firms reportedly being approached as lenders. Both have already backed Broadcom’s earlier AI financing work this year.
BREAKING: Broadcom, $AVGO, is seeking more than $50 billion in financing for OpenAI’s custom AI chip, which the firms are developing together, per WSJ.
Apollo and Blackstone are among the lenders Broadcom has talked to about participating in the deal.
The financing is intended…
— The Kobeissi Letter (@KobeissiLetter) October 7, 2026
This isn’t Broadcom’s first big debt push in 2026. Last week, banks began sending syndication letters for a $42 billion tranche tied to a separate deal benefiting Anthropic.
Blackstone is leading an $18 billion piece of that Anthropic package. The firm is committing $9 billion of its own funds to it.
The Chip Partnership Behind the Deal
Broadcom and OpenAI have been building custom AI chips together since October 2025. The chips are part of OpenAI’s internal Nexus program.
The project includes two chip designs with the codenames Jalapeño and Serrano. The companies plan to deploy 10 gigawatts of these accelerators by late 2029.
Custom silicon gives OpenAI an alternative to buying standard GPUs from outside suppliers. It also gives Broadcom a tighter hold on one of its biggest AI customers.
Why the Debt Financing Matters
Building AI data centers costs money long before the computing power generates any revenue. The financing is meant to help OpenAI cover that gap.
Debt lets OpenAI pay for chips now while spreading the cost out over time. Other AI firms are leaning on the same playbook.
SpaceX is reportedly in talks to raise $40 billion to buy Nvidia chips. That deal isn’t expected to close until 2027.
Broadcom already runs a financing platform with Apollo and Blackstone as anchor investors. It was set up in June to support more than 20 gigawatts of AI computing capacity through 2028.
That platform backs AI developers including Anthropic and OpenAI. Fulfilling it is expected to cost hundreds of billions of dollars in total.
Broadcom first discussed a similar lending push in August. At the time, reports pointed to a facility topping $60 billion tied to Anthropic and other partners.
Representatives for Broadcom and OpenAI both declined to comment on the latest talks. No timeline has been set for when a deal might close.
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