Broadcom has agreed to lend AI developer Anthropic up to $42 billion through convertible notes, according to details in Anthropic's recent IPO prospectus. The financing is intended to help cover Anthropic's $125.2 billion commitment to lease Google's Tensor Processing Units (TPUs) over five years. Anthropic uses the chips to train and run its AI models. The loan could finance about one-third of the lease obligation.
The deal deepens the partnership between the companies. Anthropic is positioned to become Broadcom's largest compute customer in 2027.
Broadcom serves as a chip supplier and equipment lessor to Anthropic, and would also become a major financier. The prospectus noted potential conflicts of interest arising from Broadcom's roles as both a key hardware supplier and a lender.