Broadcom seeks over $60B in debt to bankroll AI chips for Anthropic
What's the deal? Broadcom is in talks with lenders to raise more than $60bn in debt to finance AI chips for Anthropic and other companies, Bloomberg reported on Thursday. Blackstone and Apollo Global ManagementDealroom has a profile for this one. Try Dealroom → are in talks to take part. Spokespeople for all four firms declined to comment.
How it works: The package pairs a junior tranche of roughly $30bn with a senior-secured tranche of about $60bn to $70bn, potentially bringing the total as high as $100bn. A special-purpose vehicle would issue the debt, and Broadcom would guarantee part of the senior tranche.
Under the arrangement, Anthropic does not buy the chips. Investors finance the purchase, then lease the hardware to the company.
Why now? The talks build on the AI XPV partnership Broadcom, Apollo, and Blackstone struck in June. Its opening deal raised $35bn to expand Anthropic's computing capacity using Broadcom custom chips and networking equipment. The partnership plans to finance more than 20 gigawatts of computing power for AI labs by 2028 — roughly the output of 20 nuclear plants, at a cost of hundreds of billions.
In that first deal, Broadcom backstopped most of the debt while Apollo and Blackstone financed the chip purchases. That backstop won the senior tranches investment-grade ratings, lowering borrowing costs. The new financing could follow the same shape and may arrive in stages.
The numbers behind Anthropic: The maker of Claude booked second-quarter revenue above $11.5bn, up from $787m a year earlier, and its annualised run rate hit $65bn by the end of July. It also recorded a net loss of almost $42bn in 2025 — roughly five times the $8.3bn it lost the year before. It raised $65bn in May at a $965bn valuation.
Where Broadcom sits: Broadcom designs custom chips for AlphabetDealroom has a profile for this one. Try Dealroom → and Meta, and has supply agreements with Anthropic and OpenAI. In July it signed a $200bn deal with SamsungDealroom has a profile for this one. Try Dealroom → covering memory, foundry, and advanced packaging through 2030, part of a push that lets technology companies reduce reliance on Nvidia. Its chief executive said in March that the company expects AI chip sales to exceed $100bn next year.
The signal: The scale of the borrowing underscores the capital demands of the AI build-out, which has spawned novel debt deals at a pace that has unnerved some investors. Nvidia this month lined up more than $500bn from a coalition including BlackRock and Goldman SachsDealroom has a profile for this one. Try Dealroom →. AI labs are now central players in funding their own infrastructure — increasingly through debt rather than equity.
Read more: The Next Web · Bloomberg
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