- Lead. Banks working for Broadcom have assembled a $60 billion debt package to let Anthropic lease Broadcom AI chips at scale, positioning the lab to become Broadcom’s single largest customer starting in 2027.
- Fact. The facility divides into a $42 billion senior-secured tranche for Anthropic’s chip lease and an $18 billion junior tranche led by Blackstone, which is committing $9 billion from its own balance sheet.
- Stake. The transaction adds to hundreds of billions in AI infrastructure debt already in the market, intensifying scrutiny of whether the sector is building compute capacity ahead of near-term commercial demand.
Banks led by Broadcom advisers have begun raising a $60 billion debt facility to finance chip purchases by Anthropic, in an arrangement that mirrors Nvidia’s strategy of helping customers fund their own hardware acquisitions, according to Dataconomy. The deal would make Anthropic Broadcom’s largest chip customer beginning in 2027.
Structure of the Deal
The facility divides into two tranches. The $42 billion Class A senior-secured portion provides the primary financing for Anthropic to lease Broadcom chips, structured to carry lower risk for creditors given its senior position and collateral backing. The $18 billion Class B junior tranche, which absorbs first-loss risk, is led by Blackstone, which is committing $9 billion from its own funds and is marketing the remaining $9 billion to institutional investors.
Broadcom’s use of third-party debt to “help finance customer purchases of its own products” signals a maturation in how the AI chip supply chain is capitalised. Rather than requiring customers to fund large capital expenditures upfront, the model shifts financing costs to institutional debt markets where appetite for AI-linked paper has remained strong.
Context: Scale of AI Infrastructure Debt
The Broadcom-Anthropic package joins hundreds of billions in AI infrastructure debt already in the market as hyperscalers, independent data-centre operators and AI labs race to lock in compute capacity. Broadcom reported AI chip revenue tripling to $16.7 billion in its most recent quarter, reflecting custom ASIC demand from large cloud customers. That figure is now expected to grow substantially as the Anthropic relationship, once formalised, shifts the lab’s compute sourcing toward Broadcom’s custom silicon and away from commodity GPU suppliers.
The scale of capital deployment is drawing increasing attention from credit analysts. The Blackstone commitment alone — $9 billion from a single investor — represents one of the largest private-credit exposures to AI infrastructure to date. Public questions about whether data-centre construction is running ahead of commercial demand have not yet dampened market appetite, but the accumulation of such positions will eventually face stress-testing from either demand disappointing or the cost of capital rising.