Travers Smith has advised on UK and EU financial regulatory aspects of an initial $35 billion capital solution as part of Broadcom's new AI XPV Platform, led by Apollo-managed funds and affiliates in partnership with Blackstone and leading global banks. The transaction represents the largest private financing ever executed and is designed to enable over 20GW in compute capacity for leading frontier AI labs through 2028.
The initial transaction facilitates Anthropic's previously announced capacity expansion of more than 1GW of compute infrastructure for training and inference starting in mid-2026. Milbank LLP served as investors' counsel for the transaction.
This transaction represents a landmark in the financing of AI infrastructure, reflecting the growing role that private capital is playing in funding the digital infrastructure buildout at the scale required to meet the demands of frontier AI innovation.
Travers Smith provided financial regulatory advice on the eligibility of the financing for the purposes of the Basel/UK and EU Capital Requirements Regulation (CRR) and UCITS regimes.
The Travers Smith team was led by Financial Services & Markets partner Samuel Brewer, supported by senior associate Zach Benson and knowledge counsel Martin Hammond.
Samuel Brewer commented:
"This is a first-of-its-kind transaction at a remarkable scale, and we were pleased to advise on the UK and EU regulatory dimensions. We look forward to supporting further transactions as the AI infrastructure asset class continues to develop."
