Broadcom is in talks with lenders to raise more than $60 billion in debt to finance an AI chip deal serving Anthropic and other companies, with Blackstone and Apollo Global Management in discussions to participate. The financing package could include a roughly $30 billion junior tranche alongside a senior-secured tranche of $60–70 billion, potentially bringing the total to $100 billion. A special-purpose vehicle would issue the debt, with Broadcom guaranteeing part of the senior-secured tranche.
This deal builds on the AI XPV partnership Broadcom, Apollo, and Blackstone launched in June, which raised $35 billion to expand Anthropic's computing capacity. Under the structure, customers like Anthropic do not buy chips directly; instead, investors finance the purchase and lease the hardware to the company. The arrangement allows AI firms to lock in chip supply and capacity without carrying the full cost on their own balance sheets, while Broadcom locks in multi-year demand and deepens customer relationships.
Access to computing power has become one of the largest constraints on AI companies. The scale of financing—potentially $100 billion across both tranches—underscores how capital-intensive the next phase of AI build-out has become. The deal reflects a shift toward infrastructure-scale financing, similar to energy or utility projects, as Anthropic and other labs accelerate training and inference compute expansion.
For operations teams, this signals that compute is now a financing problem, not just a procurement one. Debt-backed arrangements with equipment guarantees are becoming standard for securing capacity. Architects should expect multi-year contracts, performance-linked pricing, and terms tied to specific model architectures to become baseline negotiation points.