Broadcom's $60 Billion Financing Package for Anthropic Puts Its Own Balance Sheet on the Line

Banks are preparing a $60 billion package for Anthropic's AI infrastructure, split into $42 billion senior secured and $18 billion subordinated tranches.

Wall Street banks are assembling a $60 billion financing package designed to bankroll semiconductor and data-center infrastructure for AI developer Anthropic and other customers, according to Bloomberg. Syndication paperwork for the multibillion-dollar effort is already in preparation, with the structure split into two distinct tranches: a $42 billion senior secured portion and an $18 billion subordinated slice.

Blackstone is leading the junior tranche, committing $9 billion from its own funds while placing the remainder with outside investors. The arrangement builds on an earlier pledge from Broadcom, which Reuters reported had offered Anthropic up to $42 billion in infrastructure financing, largely structured as convertible debt. That sum could cover roughly a third of a multi-year leasing obligation tied to Google TPU capacity, a commitment totaling $125.2 billion over five years.

Contractual Backstops and Accounting Exposure

The deal carries its own set of safeguards — and its own set of questions. Under the terms, a separate guarantee of up to $29 billion could be triggered once server systems are fully delivered. As of early August, according to company filings, no convertible notes had been issued and no default payments had been made.

Anthropic's financial profile gives lenders plenty to weigh. The start-up posted revenue of just under $4.6 billion in 2025 against an operating loss exceeding $8 billion. It has acknowledged in filings the potential for conflicts of interest, given that Broadcom wears two hats — primary equipment supplier and creditor. Market observers have raised similar concerns about circular financing, in which a chipmaker helps fund its own customers' infrastructure purchases through large credit lines.

A Customer Relationship With Strategic Weight

For Broadcom, the arrangement is less about the loan book than about locking in demand. The company expects Anthropic to become its largest custom chip design customer in the coming fiscal year, with the Google-Broadcom partnership set to give the AI developer access to multiple gigawatts of computing capacity starting next year. Anthropic, which is preparing an IPO, stands to benefit from that scale-up as well.

The custom-silicon business is already running hot. AI semiconductor revenue hit $16.7 billion in the third fiscal quarter, a jump of 221 percent year over year. Management has guided toward $115 billion in AI chip sales for fiscal 2027, with that figure projected to double to $230 billion in fiscal 2028. Group revenue for the third quarter of fiscal 2026 reached $29.6 billion, up 86 percent from a year earlier, powered largely by the AI segment, where sales more than tripled over the same stretch.

Market Reaction Stays Muted

Investor sentiment has been harder to read. Worries about circular financing — chip suppliers underwriting their own customers' growth — have weighed on the technology sector's mood. Broadcom shares slipped 1.4 percent on Thursday in European trading to close at 305.85 euros, though the stock has since firmed, gaining 1.4 percent to 310.00 euros in the latest session. Analyst consensus remains constructive on the name despite the recent jitters.

The financing push is not Broadcom's first. In June, the company worked with partners to arrange $35 billion for computing capacity. Across the tech sector, institutional lenders are increasingly demanding hard guarantees for chip-backed credit structures, since banks tend to depreciate semiconductors over shorter windows than operators do. That tension between accounting timelines and infrastructure economics sits at the heart of the debate now unfolding around Broadcom's expanding role as both supplier and financier.