Broadcom backs $60 billion Anthropic AI chip debt deal

Major Wall Street banks have started syndicating a record $60 billion debt package to back Anthropic's lease of Google semiconductors. Bank of America, Citigroup, and Morgan Stanley committed to fund the financing and began approaching other institutions on Monday, October 5, 2026, according to the Financial Times.

Broadcom is playing a central role in the transaction by providing credit support to help Anthropic reduce borrowing costs. The raised capital will fund orders of advanced custom tensor processing units co-developed by Broadcom and Google. These chips are scheduled for delivery in 2027, with lease payments starting only after the hardware is fully deployed.

The syndicated package includes $42 billion in senior secured loans backed by Broadcom's A-minus credit rating. This credit enhancement could allow underwriters to place the debt in private placement or investment-grade bond markets. Alternatively, investor term sheets and Broadcom's latest quarterly report indicate Anthropic could issue up to $42 billion in convertible notes directly to Broadcom to cover lease obligations.

An additional $18 billion junior debt tranche carries no Broadcom guarantee. Blackstone has committed roughly $9 billion to this tranche and is helping syndicate the remaining amount. Underwriters may delay selling the rest of the junior debt until Anthropic completes its planned initial public offering later this year.