Broadcom’s banks raise $60 billion for Anthropic’s chips

A second, $18 billion junior tranche is led by Blackstone, which puts in $9 billion of its own money and seeks the other $9 billion from investors, Dataconomy reports. The senior money is what Broadcom lends Anthropic to lease chips. The notes can convert into Anthropic shares, and the terms give Broadcom the option of a financing partner.

Anthropic is set to become Broadcom’s largest chip design customer in 2027, Investing.com reports, after the two companies widened their work with Google this year for several gigawatts of Google tensor processing unit capacity. The structure has drawn questions about circular financing, since Broadcom both supplies and finances its customer.

For buyers of AI models, the price of the next generation of capacity now rides on credit markets as well as chip supply.