According to Anthropic’s IPO prospectus, this convertible loan would cover around a third of the 125.2 billion that the company has committed to spending on TPU leasing over five years.
Anthropic's IPO prospectus shows a commitment from Broadcom: the foundry agrees to lend up to $42 billion to Claude's creator, in the form of debt convertible into shares. The sum would represent about a third of the $125.2 billion that Anthropic must pay over five years to lease computing capacity on TPUs, following the expanded agreement with Broadcom and Google announced in April.
Supplier, rental company and banker
Broadcom wears three hats: it manufactures the chips, participates in their rental and finances the purchase. It is expected to become Anthropic's leading computing provider by 2027, and expects about $115 billion in AI semiconductor revenues for its 2027 fiscal year, then $230 billion for 2028. Anthropic says it does not plan to draw on this line before being listed; the target valuation would be around $2,000 billion.
The document also lists the risks: possible conflicts of interest between the role of supplier and that of lender, and clauses according to which certain payment defaults would make rents immediately payable while restricting the use of the facility. The arrangement illustrates a trend already observed at Nvidia: chip sellers finance their customers' purchases themselves.
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