Custom AI chipmaker Broadcom agreed to lend Anthropic up to $42 billion for infrastructure spending, Reuters reported on Thursday, citing Anthropic’s IPO prospectus.
The size of the facility stands out against Anthropic’s broader infrastructure commitments. The AI company has agreed to spend $125.2 billion over five years to lease TPU computing capacity, meaning Broadcom’s financing could cover roughly a third of that obligation.
Broadcom may designate a financing partner, and the debt could convert into Anthropic shares. Anthropic said it does not expect any notes to be sold before its IPO, according to Reuters.
Notably, Broadcom’s role in Anthropic’s buildout does not stop at lending. It also supplies the hardware and is involved in equipment leasing, with Anthropic expected to become its largest compute customer in 2027.
This relationship creates a "potential conflict of interest" that could affect Anthropic's ability to secure computing capacity, the prospectus said, adding that Broadcom’s pricing and hardware decisions could affect its ability to procure enough infrastructure.
The financing comes as Anthropic prepares for a much larger infrastructure bill. Reuters reported last week, citing the company’s confidential IPO prospectus, that Anthropic expects to spend $518 billion on cloud, computing and infrastructure obligations in the coming years.
Anthropic confidentially filed for an IPO in June. The company is reportedly seeking to raise $100 billion at a valuation of about $2 trillion.