Anthropic's Confidential IPO Filing Shows Broadcom Agreed to Lend It Up to $42 Billion, Convertible Into Stock

A supplier that's also a lender

Since Anthropic expanded its TPU partnership with Google and Broadcom in April 2026, the financial plumbing connecting the AI lab to its chip suppliers has only gotten more tangled. Anthropic's confidential IPO prospectus, reviewed by Reuters and cited by outlets including Dealroom, BigGo Finance, Parameter.io, Tradingpedia and Inkl, now shows why.

Broadcom has agreed to lend Anthropic up to $42 billion to finance infrastructure spending, according to the filing. The money comes as a convertible note, debt that can later turn into Anthropic equity. Broadcom may also designate a financing partner to help fund the facility. Anthropic says it doesn't expect any notes to be sold before its IPO completes.

The $42 billion is a credit ceiling, not cash Anthropic has drawn. No amount borrowed under the facility has been reported.

Why it matters: one number against another

The facility could cover roughly a third of the $125.2 billion Anthropic has committed to pay for a five-year lease of Google-designed tensor processing units, or TPUs, according to the prospectus as cited by Dealroom and Tradingpedia. Google and Broadcom have jointly developed several generations of those chips, and Anthropic's April 2026 deal gives it access to multiple gigawatts of next-generation TPU capacity starting in 2027.

Inkl, citing the same prospectus, put Anthropic's total Broadcom-related equipment lease obligations at $161.2 billion, a larger figure than the $125.2 billion lease commitment cited elsewhere. The sources don't explain the gap, and it isn't clear whether the two numbers measure the same obligation on different terms or cover different equipment. Either way, Anthropic's filing discloses $518 billion in total infrastructure commitments across six partners over the next decade, with about 80% of that non-cancelable or requiring payment regardless of use, according to BigGo Finance.

Beyond the Broadcom convertible note, Crypto Briefing separately reported that Broadcom is backstopping senior debt tranches on a roughly $35 billion private-credit facility led by Apollo Global Management and Blackstone, which buys the same Google-designed TPUs and leases them to Anthropic, with Broadcom's exposure estimated at $29 billion to $31 billion. That report traced to a post on X rather than the prospectus itself, and it describes a structurally separate financing vehicle, a contingent guarantee on third-party debt, not the $42 billion convertible note the other outlets describe Broadcom extending directly. The two arrangements appear related but distinct, and no source reconciles them into a single total.

The money coming in versus the money going out

Anthropic's revenue grew 12-fold in 2025 to $4.6 billion, but its operating loss more than doubled, from $2.98 billion in 2024 to $8.06 billion in 2025, according to Inkl's reading of the filing. Cash, cash equivalents and short-term investments stood at $20.28 billion at the end of 2025, before accounting for a $65 billion funding round Anthropic raised in May 2026.

Estimates of Anthropic's 2026 revenue run rate vary across the sources. Inkl, citing other reports, put it near $65 billion by mid-2026, a sevenfold jump, with an adjusted operating profit of just $559 million in the second quarter, a 5.1% margin. Crypto Briefing instead put the run rate at $30 billion by the end of 2026, up from $9 billion at the end of 2025. Neither figure comes from the prospectus directly, and the two don't match.

Anthropic is reportedly targeting a $2 trillion valuation in its IPO and seeking to raise up to $100 billion in cash, according to Inkl. Even if that raise goes through in full, it leaves a gap against $518 billion in disclosed infrastructure commitments.

The conflict Anthropic flagged itself

Anthropic's own filing states that Broadcom's dual role, as both hardware supplier and financing partner, creates what the company calls "potential conflicts of interest" that could affect its access to computing power, according to Dealroom. The filing also warns that certain payment or performance defaults could make a substantial portion of its lease obligations immediately due, while limiting Anthropic's ability to draw on the $42 billion facility to cover them.

Wall Street analysts quoted across the reports are blunt about the risk concentration. "It feels that there's quite a concentrated bet right now on two companies being able to generate enough revenues to support all the financing that's happened," Robert Leitao, managing partner at Rothschild & Co, told Dealroom. Seaport Research analyst Jay Goldberg compared Broadcom's move to Nvidia's playbook. "Nvidia is putting in place a massive amount of its balance sheet, and Broadcom is having to follow suit."

Broadcom is projecting AI semiconductor revenue of about $115 billion in fiscal 2027 and $230 billion in fiscal 2028, according to Dealroom's reading of the filing, numbers that assume Anthropic and other AI labs keep paying their leases on time. Broadcom declined to comment on the arrangement when contacted by Reuters, and Anthropic also declined to comment.

Anthropic's prospectus remains confidential and has not been filed on public EDGAR records, which means the terms disclosed so far come entirely through reporting on that document rather than the filing itself. The unresolved question is the one Anthropic's own lawyers put on paper: what happens to its compute access, and to Broadcom's balance sheet, if the world's most expensive AI lab misses a lease payment before its revenue catches up to its commitments.