In its IPO prospectus, Anthropic disclosed that Broadcom acts as its hardware supplier, infrastructure lessor, and lender. Broadcom has agreed to provide up to $42 billion in convertible notes to fund Anthropic's infrastructure expansion. This financing is part of a broader $60 billion package currently being arranged by a syndicate of banks.
Anthropic has committed to spending $125.2 billion on tensor processing unit compute capacity over five years, with Broadcom's loan covering approximately one-third of this amount. The company's total cloud and compute obligations reached $518 billion as of October 2026, a figure exceeding 100 times its 2025 revenue.
The prospectus highlights potential conflicts of interest arising from Broadcom's multiple roles, noting that these overlapping interests could impact Anthropic's access to necessary computing resources. Broadcom also holds the option to convert its debt into equity, potentially gaining a stake in the company.
Anthropic is preparing for an IPO that targets a valuation exceeding $2 trillion. Financial disclosures reveal an operating loss of more than $8 billion and a net loss of $42 billion, set against 2025 revenue of nearly $4.6 billion.
