Broadcom is in talks with lenders to raise more than $60bn in debt, Bloomberg reported on Thursday. The money would finance AI chips for Anthropic and other companies. Bloomberg cited people with knowledge of the matter.
The figures under discussion could take the total as high as $100bn. Talks are continuing and the terms may change.
Blackstone and Apollo Global Management are in talks to take part, the same people said. Spokespeople for Broadcom, Anthropic, Apollo and Blackstone declined to comment.
How the financing is structured
The package has two parts. A junior tranche of roughly $30bn sits alongside a senior-secured tranche of about $60bn to $70bn, according to Bloomberg.
Broadcom would guarantee a portion of the senior tranche. A special-purpose vehicle would issue the debt.
A special-purpose vehicle is a separate legal entity created to hold specific assets and the borrowing against them. The debt sits on the vehicle’s books rather than on the balance sheet of the company that set it up. Investors in the vehicle have a claim on the assets inside it.
Anthropic does not buy the chips under this arrangement. Investors finance the purchase, then lease the hardware to the company.
The first deal in the partnership
Broadcom, Apollo and Blackstone formed the AI XPV partnership in June. Its opening transaction raised $35bn to expand Anthropic’s computing capacity, using Broadcom custom chips and networking equipment. Reuters reported the terms. TNW covered it in May, when Apollo and Blackstone shopped it to investors.
In that transaction Broadcom backstopped most of the debt while Apollo and Blackstone financed the chip purchases. Bloomberg reports that the backstop allowed the senior tranches to obtain investment-grade ratings, which lowered the borrowing costs.
The new financing could follow the same shape, according to Bloomberg’s sources, and may arrive in stages rather than at once.
The 20 gigawatt target
The partnership intends to finance more than 20 gigawatts of computing power for leading AI labs by 2028. Bloomberg puts the cost at hundreds of billions of dollars. That capacity would roughly equal the output of 20 nuclear plants.
The first $35bn commitment would add one gigawatt, Reuters reported. On those figures the partnership has funded about a twentieth of its stated target.
Where Broadcom sits
Broadcom designs custom chips for Alphabet and Meta, and has supply agreements with Anthropic and OpenAI. Its chief executive said in March that the company expects AI chip sales to exceed $100bn next year.
Broadcom holds an Apple agreement worth more than $30bn. It signed a $200bn deal with Samsung in July covering memory, foundry and advanced packaging through 2030. Reuters notes that technology companies use Broadcom custom silicon to reduce their reliance on Nvidia.
Broadcom shares rose as much as 1.1% in late trading after Bloomberg published, having briefly declined first. The stock had gained 5.2% this year to Thursday’s close.
Broadcom, Apollo and Blackstone announced the AI XPV partnership in a joint release in June. The three said it would help finance computing infrastructure. Bloomberg reported in May that Apollo and Blackstone were weighing a $35bn financing for Broadcom, and reported the deal complete in June.
Anthropic’s other borrowing
Anthropic is raising money in several places at once. An investment firm is lending about $1.3bn towards a Texas data centre that will house its systems. The company is also finalising a revolving credit facility ahead of its listing, targeting more than $10bn.
Its own figures show the scale involved. Anthropic booked second-quarter revenue above $11.5bn against $787m a year earlier. Its annualised run rate reached $65bn by the end of July, Bloomberg has reported. The company recorded a net loss of almost $42bn in 2025, roughly five times the $8.3bn it lost the year before.
It raised $65bn in May at a $965bn valuation. It has separately agreed a compute deal with SpaceX that could be worth tens of billions over three years.
It expects its IPO to match or exceed SpaceX’s record $75bn raise, and could file publicly as soon as the end of this month. SpaceX’s final figure reached $86.2bn once the overallotment option was exercised.
Anthropic is working with Morgan Stanley, Goldman Sachs and JPMorgan on the listing. US initial public offerings had raised $160.6bn through 19 August, against the 2021 record of $195.2bn.
The wider financing market
Similar structures have appeared across the industry this month. Nvidia announced that a coalition including BlackRock and Goldman Sachs was lining up more than $500bn for the AI build-out.
Regulators have begun to place these vehicles. SEC staff agreed this month that data centre securitisation falls outside Dodd-Frank risk retention rules, in a response tied to Nvidia’s programme.
Reuters reports that Alphabet, Amazon and Microsoft have all turned to debt markets to fund AI expansion. All three expect spending to stay high through 2026.
Bloomberg reported on 15 August that bond traders were weighing about $70bn of what it described as shadow credit backstops from AI companies. Broadcom’s guarantee on the senior tranche is that kind of commitment.
What has not been confirmed
None of the four companies has commented, and Bloomberg’s sources spoke on condition of anonymity because the information is private.
Bloomberg’s sources did not settle the split between the $30bn junior tranche and the senior tranche. They gave no figure for the portion Broadcom would guarantee. They did not set a timetable for issuance, or name any lender beyond Apollo and Blackstone.
The 20 gigawatt figure is the partnership’s own target for 2028. The partnership has financed one gigawatt of it so far.
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