A Broadcom agreed to make available up to US$ 42 billion to finance the expansion of Anthropic's computing infrastructure, deepening a relationship that already involves supplying capacity, equipment leasing and artificial intelligence chips. The details appear in Anthropic's confidential IPO prospectus obtained by Reuters this Thursday (1st).
The financing line could fund about one third of a commitment of US$ 125.2 billion undertaken by Anthropic to lease, for five years, TPU-based capacity, processors specialized in artificial intelligence workloads.
Under the terms described in the document, Broadcom may designate a financial partner to participate in the transaction. The debt instruments may also be converted into Anthropic shares. The Claude developer said in the prospectus that it does not expect to sell these notes before the completion of its initial public offering.
Broadcom expands role in Anthropic's computing expansion
The financial structure connects to a partnership announced in April between Anthropic, Google and Broadcom. The agreement provides for multiple gigawatts of capacity with next-generation TPUs starting in 2027, intended for training and running Claude models. Most of this new capacity should be located in the United States.
The relationship between the companies had already been gaining scale. In June, Broadcom announced a platform with Apollo and Blackstone to finance more than 20 gigawatts of AI infrastructure through 2028. The first transaction, of US$ 35 billion, was structured to support more than 1 gigawatt of capacity for Anthropic at facilities operated by Fluidstack.
With the new structure, Anthropic is expected to become, in 2027, the largest customer of Broadcom's chip design business, according to the prospectus. The manufacturer projects revenue of approximately US$ 115 billion from AI semiconductors in fiscal year 2027 and US$ 230 billion in 2028.
The link, however, also creates risks for Anthropic. The company itself states in the document that Broadcom's position as a hardware supplier and financing partner can generate potential conflicts of interest. Decisions about equipment prices and availability can directly affect Anthropic's ability to contract sufficient infrastructure for its operations.
Anthropic also said it had deposited money in a restricted account for Broadcom's benefit in April. In certain situations of default or contractual breach, a significant portion of the lease obligations could come due early, at the same time as the company would lose access to up to US$ 42 billion in financing to cover those payments. Broadcom and Anthropic did not comment to Reuters on the details of the transaction.
