Broadcom and Blackstone Amass $60B Debt to Fund Anthropic Chips

Broadcom's Wall Street syndicate is "amassing $60 billion of fresh financing to benefit Anthropic and other artificial intelligence companies," according to Bloomberg. Banks are preparing to send out syndication letters for a $42 billion Class A senior-secured tranche, while Blackstone leads an $18 billion Class B junior tranche and is putting up $9 billion of its own money with plans to sell the rest.

The $42 billion loan to Anthropic covers roughly one-third of the $125.2 billion the company has committed under a five-year lease for tensor processing unit capacity. Anthropic is expected to become Broadcom's "largest chip design customer by next year," per the Bloomberg account picked up by Yahoo Finance, as roughly 3.5 gigawatts of Google-TPU capacity it agreed to in April begins coming online in 2027.

The structure has teeth beyond a plain loan: "the debt instruments could be converted into Anthropic shares," and Anthropic's own prospectus flags "potential conflicts of interest" tied to Broadcom's dual role as vendor and lender. Broadcom declined to comment.

It also lands in a run of coverage that is starting to look like a pattern. Nvidia announced a $500 billion partnership with six financial firms in August, and our tracker logged talks of an Amazon off-balance-sheet vehicle for Grace Blackwell chips the same day as this story, one of 444 AI-infrastructure stories in the last 90 days. Compute demand has outgrown hyperscaler balance sheets, and the capital stack is reorganising around it.