Broadcom has agreed to provide a contingent guarantee of up to $42 billion for infrastructure lease agreements supporting Anthropic. The arrangement functions as a co-signing mechanism for private-credit financing led by Apollo Global Management and Blackstone, which closed a package of approximately $35 billion in June 2026.
The financing is used to purchase Google-designed Tensor Processing Units (TPUs) for lease to Anthropic. Broadcom acts as a backstop for the senior debt tranches, with estimated exposure ranging from $29 billion to $31 billion. The company is only obligated to pay if lease defaults occur or if hardware resale fails to cover outstanding debts.
The initial deal provides over 1 gigawatt of compute capacity, with plans to reach 20 gigawatts by 2028. In August 2026, discussions began regarding an additional expansion of $60 billion to $70 billion. Furthermore, Broadcom and Google previously expanded their commitments in April 2026 to provide Anthropic with 3.5 gigawatts of capacity starting in 2027.
This structure allows Anthropic to access significant compute resources while keeping hardware-related debt off its balance sheet ahead of a potential IPO. Anthropic reported a revenue run rate of over $30 billion by the end of 2026, compared to $9 billion at the end of 2025. For Broadcom, the deal secures demand for the chips it designs in collaboration with Google.
