❯ Broadcom in Talks for $60B+ in Debt to Fund Custom-Chip Infrastructure for Anthropic

FUNDINGBroadcom is in talks with private-credit lenders for debt financing of more than $60 billion to procure custom AI chips and supporting infrastructure, with Anthropic as the primary customer, according to Bloomberg. The structure includes a $60–70 billion senior secured tranche and roughly a $30 billion junior tranche, with Broadcom backstopping part of the senior debt. The overall package could reach $100 billion. Blackstone and Apollo are in talks to participate.

PRECEDENTThis is not the first time the three have worked together. In June, they closed $35 billion in financing through a vehicle called AI XPV, in which investors bought the custom chips and leased them directly to Anthropic. The new round is nearly three times that size and lands right around Anthropic’s IPO filing. Broadcom has repeatedly used this structure this year to take custom-chip orders from clients, while private-credit lenders get a rare AI exposure backed by physical assets. These figures remain per Bloomberg’s reporting and have not been confirmed by any party’s announcement.

RISK BEARERSThe funding strain of chip purchases has been moved off Anthropic’s balance sheet and onto private-credit investors. Repayment on these deals depends entirely on the rent Anthropic pays going forward, which in turn depends on whether Claude’s revenue growth holds up. Once the company is public, if growth downshifts, the spreads on this debt will move before the share price does — and the holders are the pension and insurance funds behind Blackstone and Apollo.

▪ SIGNALAI compute bills are showing up less on buyers’ financial statements and more in someone else’s credit portfolio.