New Delhi: The development was reported on Thursday, Anthropic’s IPO prospectus, which says that its AI company will use the funds to finance infrastructure buildout that will be backed by up to $42 billion in loans from chipmaker Broadcom.
The financing would be in the form of convertible notes. It may pay for the use of approximately a third of the $125.2 billion Anthropic has pledged to leasing computing power in the form of tensor processors (TPUs) for 5 years. Google and Broadcom have come up with multiple iterations of the TPU. Anthropic announced in April a new long-term agreement with both firms to have access to several gigawatts of next-generation TPU power by 2027.
In the filing Anthropic stated it does not anticipate that any notes would be sold prior to its IPO debut. It also stated it had placed cash into a restricted account for Broadcom’s benefit in April 2026; it may have to make additional contributions in some cases.
Broadcom’s involvement is unusual, and is described in the filing as covering a wide range of compute supply, a leasing and financing business of equipment. It distinguishes itself from its partners, including Amazon, which currently offers only cloud infrastructure and distribution for Claude.
The filing is accompanied by a warning. Some of Anthropic’s lease liabilities may become due immediately and the company may have only $42 billion available to pay them. By itself, according to Broadcom’s own disclosure, it claims to provide a lease backstop with a maximum potential liability of approximately $29 billion when all applicable AI racks are put in place.
The deal is seen as a sign of the ongoing trend by analysts. Seaport Research analyst Jay Goldberg said Nvidia is putting a massive amount of its balance sheet to work, and that Broadcom is having to follow suit. So far, there is a concern over what is called “circular financing”, as suppliers invest in customers that in turn spend those investments in their products. Similar deals have been accomplished by Nvidia and AMD with AI labs such as Anthropic and OpenAI.
Investors reacted cautiously. Broadcom slipped by almost 1% in midday trading on Thursday to around $347 a share. Observers pointed out that this is more of a top line and less of revenue or an order of chips. Sales of AI semiconductors should hit $115 billion in fiscal 2027 and $230 billion in fiscal 2028, according to Broadcom. Broadcom expects to have its biggest compute customer in 2027: Anthropic.
