Broadcom (NASDAQ: AVGO) has been working in recent weeks to arrange more than $50 billion in financing for a custom AI chip it is developing with OpenAI.
Apollo Global Management and Blackstone are among the lenders Broadcom has approached, though talks remain early and the final size of the deal could change.
Oracle (NYSE: ORCL) is separately in discussions with Apollo and Goldman Sachs about funding a large chip purchase, according to people familiar with the matter.
SpaceX has spoken with lenders in recent days about a roughly $40 billion financing package tied to Nvidia chips, according to a report from the Financial Times.
The three companies are turning to private credit markets as the ballooning cost of data-center build-outs pushes buyers well beyond the capacity of the public bond market.
The Broadcom financing package could pay for several gigawatts of OpenAI chip capacity and may close before the end of this year, one person told the Wall Street Journal.
The financing would follow a partnership the two companies announced a year earlier, under which they said they would develop 10 gigawatts of OpenAI’s custom chips on Broadcom’s networking technology and deploy systems from the second half of 2026 through the end of 2029.
Oracle wants its own deal completed this year and is still in discussions with more than one possible funding partner, according to a person familiar with the matter.
The structure under discussion for Oracle would have investors put money into a separate company that buys the chips and leases them back to Oracle, allowing it to avoid taking on the debt directly and keeping borrowing costs in check.
For years, the largest cloud companies paid for servers and chips mostly out of cash flow, but spending on data centers, servers and chips by the biggest cloud and internet companies has risen sharply since the start of 2025, now matching or exceeding operating cash generation for some firms.
A separate pool of lenders composed of investment firms rather than traditional banks has grown quickly around the AI infrastructure build-out, filling the gap between hardware costs and the cloud revenue those assets are eventually expected to generate.
After the close of regular trading, Oracle was near $143.96, up about 0.3%, while Broadcom slipped roughly 0.2% to approximately $375.70, and SpaceX edged up about 0.1% to around $167.80.
On Stocktwits, retail sentiment around SPCX was bullish at the time of writing, while sentiment around AVGO was neutral and sentiment around ORCL was bearish.
Year-to-date, AVGO has gained 9% while ORCL has fallen 26%, reflecting sharply different market readings of each company’s AI financing and growth strategy.
