Broadcom is reportedly arranging more than $50 billion in financing for a custom artificial intelligence (AI) chip project developed in partnership with OpenAI.

The report, citing people familiar with the matter, said Apollo Global Management and Blackstone are among the lenders in talks to participate in the financing.

Meanwhile, Oracle is also in discussions with Apollo and Goldman Sachs to raise funds for chip purchases.

As data center construction costs soar, technology companies are racing to secure financing.

To support a growing array of AI software and services, tech giants are building out AI infrastructure on a massive scale, prompting them to seek new funding avenues.

Broadcom announced in June the establishment of a financing platform, with Apollo and Blackstone serving as cornerstone investors, aiming to help finance more than 20 gigawatts of computing capacity for AI developers such as Anthropic and OpenAI by 2028.

The platform's first phase is sized at $35 billion, led by Apollo in collaboration with Blackstone.