Broadcom will lend Anthropic up to $42 billion to lease its chips
Anthropic's IPO filing says Broadcom agreed to lend it up to $42 billion to finance infrastructure spending. The convertible note could cover about a third of the $125.2 billion Anthropic has committed for a five-year lease of TPU computing capacity. Broadcom could designate a financing partner, and the debt instruments could convert into Anthropic shares. Anthropic says it doesn't expect any notes to be sold before it completes the offering, which could value it at $2 trillion. It stands to become the largest customer in Broadcom's chip design business next year, and Broadcom's largest compute customer in 2027. Broadcom projects roughly $115 billion in AI semiconductor revenue in fiscal 2027 and $230 billion in fiscal 2028.
The prospectus itself says Broadcom's double role as hardware supplier and financing partner creates potential conflicts of interest that might affect Anthropic's ability to access the computing power it needs. If your product runs on Claude, that is now a disclosed supply risk rather than a guess. Worth keeping a second model path tested this quarter, even if you never route traffic to it.