--- title: "AI Fundraising Surges! Wall Street \"Showcases Financial Prowess,\" Investors Respond Enthusiastically" type: "News" locale: "en" url: "https://longbridge.com/en/news/289266505.md" description: "AI infrastructure construction has triggered a global fundraising frenzy. Broadcom, together with Apollo Global and Blackstone, established a $35 billion SPV platform, with Anthropic as its first major client; Super Micro Computer plans to raise $7 billion through equity financing, causing its stock price to drop. Giants like Alphabet have issued $159 billion in bonds this year, far exceeding last year's total. Wall Street is accelerating the innovation of financing structures to meet the capital demands of the AI computing power arms race" datetime: "2026-06-10T03:16:13.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/289266505.md) - [en](https://longbridge.com/en/news/289266505.md) - [zh-HK](https://longbridge.com/zh-HK/news/289266505.md) --- # AI Fundraising Surges! Wall Street "Showcases Financial Prowess," Investors Respond Enthusiastically The wave of AI infrastructure construction is spawning an unprecedented global fundraising frenzy. From equity issuances to the bond market, from traditional bank loans to private credit special purpose vehicles (SPVs), capital is flooding into this sector in every possible form. On June 9, Wallstreetcn reported that Broadcom joined forces with Apollo Global and Blackstone to establish an AI financing platform, with the first $35 billion transaction closed. Anthropic became the first major client, making this deal one of the largest private credit SPV transactions to date. Meanwhile, AI server manufacturer Super Micro Computer announced plans to raise $7 billion through a package of equity issuances to purchase components to fulfill existing orders. Following the announcement, its stock price plummeted by 9% in after-hours trading. **These two transactions reflect the same reality: the hunger for capital in the AI computing power arms race has far exceeded the boundaries of traditional financing channels, and Wall Street is accelerating the innovation of financing structures.** According to Dealogic data, AI hyperscalers such as Alphabet, Amazon, Meta, and Microsoft **have issued $159 billion in bonds globally this year, far exceeding the $108 billion for the entire previous year, and more than nine times the $17 billion in 2024.** ## Broadcom-Backed $35 Billion SPV: Complex Structure, Interwoven Cycles The core of this Anthropic financing transaction is a meticulously designed structured financing arrangement. The special purpose vehicle established by Atlas SP Partners, a subsidiary of Apollo Global, **raised funds through a mix of debt and equity to purchase TPU chips jointly developed and manufactured by Broadcom and Alphabet, and then leased the chips to Anthropic. The debt assumed by the SPV is primarily repaid from lease receipts.** The entire $35 billion debt was structured into three tranches: > - $6 billion in **A1 Senior Notes** sold to banks, with an interest rate of 1 percentage point above the benchmark Treasury rate; > - $24 billion in **A2 Senior Notes** sold to institutional investors in the asset-backed credit market, priced at a yield of 5.75%. Buyers include long-term institutions preferring high-rated debt assets, such as Athene, an insurance subsidiary of Apollo Global; > - The remaining $4.5 billion in **subordinated debt** is not guaranteed by Broadcom, with an interest rate as high as 8.5%, and includes original issue discounts ranging from 98 to 99 cents. In addition, Atlas SP Partners contributed $800 million in equity, effectively making it the actual owner of the SPV. **The key credit enhancement mechanism of this transaction lies in the "residual value support" agreement provided by Broadcom.** If Anthropic fails to pay rent within a certain period, the SPV can sell the chips to repay debt investors; if the realization value of the chips is insufficient to repay the principal, Broadcom will assume 100% responsibility for compensating the shortfall for A1 and A2 investors. It is precisely this backstop arrangement that allowed the senior tranche debt to obtain a mid-investment grade private rating similar to Broadcom's own credit rating, significantly lowering the financing cost. The circular relationships within this transaction are noteworthy: > - **Alphabet** holds approximately 14% equity in **Anthropic** and is also a partner in Broadcom's manufacturing of TPU chips; > - **Anthropic** will use this financing to purchase chips jointly manufactured by Broadcom and Alphabet; > - **Broadcom** provides credit endorsement for the entire transaction. Broadcom CEO Hock Tan stated that the company hopes to "connect investment partners with strong balance sheets with sufficient scale of computing power supply," hinting that such transactions will continue to be implemented. ## AI Equity Financing: Alphabet $85 Billion, Super Micro $7 Billion, Records Repeatedly Broken **Beyond the debt market, equity financing in the AI sector is also rising.** Alphabet announced plans to raise $85 billion through equity issuance, one of the largest equity financing cases in the AI sector recently. The deal was finalized just days after the completion of Anthropic's $35 billion private credit transaction. Reportedly, SpaceX is preparing for an IPO, with a fundraising scale potentially reaching $86 billion; Anthropic also secretly submitted an IPO application recently; OpenAI and Anthropic have each cumulatively received over $100 billion in venture capital financing. Forecasts from various parties indicate that this year could become the year with the largest fundraising scale in IPO history. **Super Micro Computer's $7 billion equity financing plan reflects the urgent capital needs of mid-stream enterprises in the AI industry chain.** The company stated that it currently holds an order backlog of approximately $39 billion, **and this financing will be mainly used to purchase components to ensure delivery.** The specific structure includes a $1.25 billion common stock issuance, a $3.75 billion issuance of mandatory convertible preferred stock depositary receipts, and a $2 billion at-the-market (ATM) offering plan, expected to start as early as the third quarter, jointly underwritten by JPMorgan Chase, Goldman Sachs, and Citigroup. ## Hyperscaler Bond Issuance: From the US Dollar Market to the Globe The massive capital demand for AI computing power investment is driving tech giants to extend their bond issuance reach to markets around the world. According to Dealogic data, the total global bond issuance volume for just five companies—Alphabet, Amazon, Meta, Microsoft, and Oracle—has reached $159 billion this year. Among them, **Alphabet** has issued bonds in the US dollar, Canadian dollar, Japanese yen, euro, Swiss franc, and British pound markets, including a rare 100-year British pound bond. Additionally, its pre-disclosure documents show that the company plans to raise $1 billion for energy projects in the California municipal bond market. **Amazon** completed its largest Canadian dollar bond issuance to date on Monday, raising 14 billion Canadian dollars (approximately $10 billion), having previously issued bonds in the US dollar, euro, and Swiss franc markets. In terms of market pricing, the credit spreads of 10-year bonds for Alphabet, Amazon, and Microsoft relative to US Treasuries remain below the average level for investment-grade corporate bonds. Meta's bond spread is slightly higher than the average. **In contrast, Oracle has cumulatively issued $43 billion in bonds since last September and is expected to continue burning cash significantly in the coming years. Its bonds trade closer to the highest tier of speculative-grade debt, although its official rating remains investment grade.** Jordan Chalfin, senior analyst at CreditSights, stated: > **The risk of overbuilding has not dissipated, and this risk is already reflected in the bond spreads of hyperscalers.** Ayako Yoshioka, senior investment strategist at wealth management firm Wealth Enhancement, admitted that AI infrastructure may eventually face overbuilding, which could lead to a decline in stock prices. However, she also pointed out: > There is still an investment window because the scale of this construction wave is simply too large. Risk Warning and Disclaimer The market carries risks, and investment requires caution. This article does not constitute personal investment advice, nor does it take into account the specific investment goals, financial status, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. 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