Broadcom to Lend Anthropic Up to $42B for TPU Chip Leases

Anthropic's IPO prospectus discloses that Broadcom has agreed to lend the company up to $42 billion to help finance a five-year, $125.2 billion commitment for tensor processing unit computing capacity, Reuters reported. The convertible notes are sized to cover approximately one-third of that TPU commitment, could be converted into Anthropic equity, and Broadcom retains the option to bring in a financing partner.

The structure folds three roles onto one counterparty. Broadcom is Anthropic's chip supplier, the lessor on the compute capacity, and now its lender. The filing itself flags "potential conflicts of interest" and warns that "Broadcom's decisions around pricing and hardware could affect its ability to procure enough computing infrastructure." The next-generation TPU capacity starts coming online in 2027, the same year Anthropic is expected to become Broadcom's largest compute customer.

The prospectus puts Anthropic's 2025 revenue at nearly $4.6 billion against an operating loss exceeding $8 billion, with the company targeting a valuation of more than $2 trillion. Total cloud, compute and infrastructure obligations run to $518 billion over the coming years, and Anthropic is separately nearing a $15 billion revolving credit facility. Cash was deposited into a restricted account for Broadcom's benefit in April 2026.

"It feels that there's quite a concentrated bet right now on two companies being able to generate enough revenues to support all the financing that's happened," Robert Leitao, managing partner of Rothschild & Co., told Reuters.

This is the 322nd Anthropic story we have logged in the last 90 days, landing the same week Anthropic took Claude for Government to general availability. The filing never specifies the conversion price on the notes, the identity of the possible co-lender, or how the facility behaves if the IPO slips.