- Broadcom is assembling a multibillion-dollar financing package for AI infrastructure as Anthropic expands its computing capacity and prepares for a potential public listing.
Broadcom Inc. (NASDAQ: AVGO) and a group of Wall Street banks are working to raise about $60 billion in financing tied to artificial intelligence infrastructure, with Anthropic expected to be a major beneficiary, according to people familiar with the discussions.
The financing has not yet been formally announced. Banks involved in the package are preparing to market a $42 billion Class A senior-secured debt tranche, while Blackstone Inc. (NYSE: BX) is leading an additional $18 billion Class B junior tranche, according to Bloomberg.
The proposed financing would give AI companies additional capital to acquire chips and other data-center equipment at a time when the amount of money required to build computing capacity is expanding rapidly.
For Broadcom, the arrangement would also deepen its role in the AI infrastructure market beyond selling custom chips and networking equipment.
Broadcom Builds Larger Financial Link to Anthropic
The new financing effort follows a separate agreement under which Broadcom has agreed to lend Anthropic up to $42 billion to support the AI company's infrastructure requirements. Reuters reported that the financing is connected to Anthropic's five-year commitment of $125.2 billion for TPU computing capacity and could cover roughly one-third of that obligation. The financing may also include debt that can be converted into Anthropic shares.
Anthropic's relationship with Broadcom and Google has been expanding since April, when the companies disclosed an agreement giving Anthropic access to approximately 3.5 gigawatts of next-generation TPU capacity beginning in 2027. Broadcom's SEC filing describes the arrangement as part of a broader multiple-gigawatt computing commitment.
The Broadcom SEC filing also says Anthropic's consumption of the expanded computing capacity depends on its continued commercial success.
That relationship has become increasingly important to Broadcom's AI business. The company reported $16.7 billion in AI semiconductor revenue during its fiscal third quarter, up 221% from a year earlier, and expects $21.7 billion in AI semiconductor revenue in the fiscal fourth quarter.
The latest $60 billion financing effort appears broader than that individual facility, with proceeds potentially supporting Anthropic and other companies seeking AI chips and related infrastructure.
AI Infrastructure Financing Moves Beyond Data Centers
The scale of the proposed package highlights a growing feature of the AI spending cycle: financing is increasingly being structured around the chips, servers and equipment inside data centers, rather than only the construction of the facilities themselves.
The financing market is developing alongside a major expansion in planned AI infrastructure spending. Goldman Sachs recently estimated that the five largest US hyperscalers could spend about $1.2 trillion on AI infrastructure in 2027, covering areas such as processors, networking, data centers and power infrastructure.
Broadcom is positioned in several parts of that supply chain through custom AI accelerators and networking technology. Its role with Anthropic adds another layer because the company would potentially supply infrastructure while also helping finance the equipment.
The proposed financing also follows a $35 billion AI computing expansion announced earlier this year involving Broadcom, Apollo Global Management Inc. (NYSE: APO) and Blackstone. The financing was designed to support Anthropic's computing expansion using Broadcom's custom chips and networking technology.
The growing use of debt to finance AI infrastructure has attracted increased attention from investors because the equipment requires large upfront capital commitments before AI companies can generate revenue from the resulting computing capacity.
Anthropic's own infrastructure requirements illustrate the scale of that challenge. Its IPO prospectus outlines approximately $518 billion in future cloud, computing and infrastructure obligations, according to reporting based on the filing. The proposed Broadcom financing also comes as Anthropic prepares for a potential IPO that could value the company at more than $2 trillion.
For Broadcom, the financing effort could support additional chip demand while increasing its financial exposure to the companies building large-scale AI systems. For Anthropic and other AI developers, it could provide another source of capital for securing the computing capacity required to expand their models and services.
The $60 billion package remains a financing effort rather than a completed transaction. Its eventual size, terms, and allocation could change before the debt is formally syndicated.