TLDR
- Broadcom is in talks to raise more than $60 billion in debt to fund an AI chip financing deal for Anthropic and other companies.
- The deal could include a $30 billion junior debt tranche, bringing the total to as much as $100 billion.
- Broadcom would guarantee part of a senior-secured tranche ranging from $60 billion to $70 billion.
- Blackstone and Apollo Global Management are in talks to participate, building on a partnership formed in June.
- Broadcom stock rose as much as 1.1% in after-hours trading following the news, and is up 5.2% year-to-date.
Broadcom is in talks with a group of lenders to raise more than $60 billion in debt as part of a massive AI chip financing deal that would benefit Anthropic and other companies.
The deal could include a junior debt tranche of roughly $30 billion on top of a senior-secured tranche ranging from $60 billion to $70 billion. That puts the potential total as high as $100 billion, which would rank among the largest corporate financings tied to the AI boom.
Broadcom stock rose as much as 1.1% in after-hours trading after Bloomberg reported the talks. The stock had already climbed 5.2% for the year through Thursday’s close.
Blackstone and Apollo Global Management are both in talks to take part in the financing. Their involvement follows a three-way partnership with Broadcom that the companies struck back in June.
How the Deal Would Work
The debt would be issued through a special-purpose vehicle. Broadcom would backstop a portion of the senior-secured tranche, which helps the debt qualify for investment-grade ratings and keeps borrowing costs lower.
This structure mirrors the $35 billion deal that launched the group’s AI XPV partnership. In that first deal, investors including Apollo and Blackstone financed the purchase of custom AI chips that were then leased to Anthropic.
The AI XPV partnership plans to finance more than 20 gigawatts of computing power, an amount roughly equal to the output of 20 nuclear plants. Reaching that target will require hundreds of billions of dollars in total funding.
Financing may be rolled out in stages rather than all at once, according to people familiar with the talks. Details are still being worked out and could change.
What This Means for Anthropic
Access to computing power is one of the biggest constraints facing AI companies right now. Deals like this allow firms like Anthropic to lock in chip supply without carrying the full cost on their own balance sheets.
Anthropic is the company behind the Claude platform. It is also separately preparing to file paperwork for an IPO that could rival the record set by SpaceX.
This deal adds to a growing wave of AI infrastructure financing. Nvidia announced earlier this month that a coalition including BlackRock and Goldman Sachs was lining up more than $500 billion to fund the AI build-out.
Broadcom’s CEO said in March that AI chip sales are expected to top $100 billion next year. The company has also secured an agreement with Apple expected to be worth more than $30 billion.
Spokespeople for Broadcom, Anthropic, Apollo, and Blackstone all declined to comment.
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