Broadcom is in talks with lenders to raise more than $60 billion in debt for an AI chip financing deal, with the structure potentially including a roughly $30 billion junior debt tranche, according to people with knowledge of the matter.
The senior-secured tranche is expected to reach $60 billion to $70 billion, with the overall raise targeting more than $60 billion. The financing arrangement would benefit Anthropic and other companies, though the allocation specifics and expected close date remain undisclosed.
Broadcom, a $300 billion-plus semiconductor design and infrastructure company, supplies custom chips to major AI labs and cloud providers. Large debt financings tied to AI infrastructure have moved capital from traditional capital markets directly to AI developers and compute providers.
The structure mirrors precedents set in prior infrastructure debt deals. Broadcom itself participated in a similar arrangement in 2024 when it arranged roughly $5 billion in financing for Anthropic alongside other investors. The junior tranche here, at $30 billion, absorbs losses ahead of senior creditors. This allows lenders to price risk in a market where revenue visibility on AI applications remains uncertain.
Anthropic, the Claude developer and an OpenAI competitor valued at $20 billion in its most recent funding round, has drawn repeated capital raises as it scales training and inference operations. AI developers have pursued two distinct funding paths: equity rounds from venture and growth funds, and infrastructure debt from traditional lenders positioned against Broadcom's installed customer base and contract visibility.
The deal is still being finalized. Terms around guarantees, covenants, and the identity of the lead arranger have not been disclosed. Broadcom did not immediately respond to a request for comment.
