Banks Begin Syndicating $60B Anthropic AI Chip Financing Package

Bank of America, Citi and Morgan Stanley have begun syndicating a $60 billion debt package tied to Anthropic's lease of Google-designed AI chips supplied through $AVGO, making it the largest chip-financing deal to date.
The package includes $42 billion of senior secured debt supported by Broadcom and $18 billion of junior debt without Broadcom guarantees. Blackstone has already committed roughly $9 billion to the junior tranche.
The financing is expected to fund Anthropic's 2027 chip orders, with lease payments beginning after delivery. Broadcom's partial backing and A- credit rating could help lower borrowing costs and potentially allow the senior debt to reach a broader investment-grade investor base.
The deal centers on $GOOGL TPUs developed with Broadcom as an alternative to $NVDA GPUs for large-scale AI workloads. Anthropic could also issue up to $42 billion of convertible notes to Broadcom to cover lease payments, according to Broadcom filings cited by the Financial Times.