Broadcom to lend Anthropic up to $42 billion to lease its chips, filing says
AVGO•Broadcom has agreed to lend Anthropic up to $42 billion to finance infrastructure spending, a facility that could cover about one-third of Anthropic’s $125.2 billion commitment for a five-year TPU lease. The filing says Broadcom could convert debt instruments into Anthropic shares and warns of potential conflicts of interest.
1. Financing and chip supply
Anthropic’s IPO filing says Broadcom has agreed to lend it up to $42 billion to finance infrastructure spending. The facility could finance about one-third of Anthropic’s $125.2 billion commitment for a five-year lease of TPU computing capacity, and Broadcom could convert debt instruments into Anthropic equity.
2. Risks and revenue outlook
Anthropic disclosed that Broadcom’s roles as hardware supplier and financing partner create potential conflicts of interest that might affect its access to computing power. It also warned that certain payment or performance defaults could make a substantial portion of its lease obligations immediately due while limiting its ability to use the financing facility. Broadcom projects AI semiconductor revenue of about $115 billion in fiscal 2027 and $230 billion in fiscal 2028.
