Broadcom seeks over $60 billion for Anthropic chips
Broadcom is negotiating one of the AI era's largest debt raises: up to $100 billion for chips to be leased primarily to Anthropic.
Illustration · AI-generated (AI IN LIFE)
At a glance
- Broadcom negotiating more than $60 billion in debt (Bloomberg, August 20, 2026)
- Structure: about $30 billion junior plus $60–70 billion senior — up to $100 billion total
- SPV construction: chips are leased to Anthropic, not sold
- Predecessor deal June 2026: $35 billion for about 1 gigawatt; target 20 gigawatts by 2028
- Anthropic: over $11.5 billion Q2 2026 revenue, $65 billion run rate in July
What is planned? Broadcom is in talks with a group of lenders over more than $60 billion in debt for an AI chip deal. Bloomberg puts it plainly: "Broadcom Inc. is in talks with a group of lenders to raise more than $60 billion in debt for an AI chip financing deal that will benefit Anthropic PBC and other companies."
How is the deal structured? Two tranches are under discussion: roughly $30 billion of junior capital plus $60–70 billion of senior-secured debt — potentially up to $100 billion in total. The debt sits in a special-purpose vehicle (SPV) outside the companies' balance sheets; Broadcom guarantees a portion of the senior tranche. The chips are leased to Anthropic rather than sold. Apollo Global Management and Blackstone are among the parties in the talks; all sides declined to comment.
Has this happened before? Yes — this is round two. In June 2026, the AI XPV partnership of Broadcom, Apollo and Blackstone raised $35 billion, financing about 1 gigawatt of computing capacity. The partnership's stated target: 20 gigawatts by 2028 — an undertaking worth hundreds of billions of dollars.
Can Anthropic carry this? The growth numbers make the case: according to The Next Web, Anthropic's Q2 2026 revenue exceeded $11.5 billion — up from $787 million a year earlier — and its annualised run rate hit $65 billion in July. Broadcom CEO Hock Tan expects the company's own AI chip sales to top $100 billion next year.
Where are the risks? The structure shifts classic credit risk into lightly regulated special-purpose vehicles — with maturities that can outlast the useful life of AI hardware. Talks are ongoing and terms may change. What is clear: AI infrastructure financing is becoming a capital market of its own — with opportunities for investors and systemic questions for regulators.
FAQ
Is the deal done?
No. Talks are ongoing; per Bloomberg, size and terms may still change.
Why lease instead of buy?
Leasing via an SPV keeps the debt off Anthropic's balance sheet and spreads enormous acquisition costs over the term.
Why does this matter for Europe?
Capital markets now finance AI infrastructure like an asset class of its own — setting benchmarks European data-centre projects will be measured against.
