Broadcom agrees to lend Anthropic up to $42 billion for computing capacity

Anthropic’s IPO prospectus says Broadcom has agreed to lend the AI company up to $42 billion to help pay for computing capacity. The facility is tied to Anthropic’s five-year commitment to lease $125.2 billion of TPU capacity—the specialized processing systems used to train and run its Claude models—and could cover roughly a third of that bill. The debt may convert into Anthropic shares, while Broadcom can bring in a financing partner; Anthropic says it does not expect to sell the notes before its IPO is completed. The arrangement makes Broadcom both an infrastructure supplier and a lender, giving Anthropic a way to fund an exceptionally costly expansion while tying its computing plans more closely to one partner.