Broadcom has a new side gig: lender. The chipmaker is arranging large debt packages to help top AI labs buy its custom chips and the infrastructure that surrounds them.
The headline number is a roughly $60 billion financing package for Anthropic, with syndication starting in early October 2026. Add a potential OpenAI deal and prior commitments, and the total could pass $92 billion.
How the Anthropic deal is built
The Anthropic package splits into two layers. A $42 billion senior secured tranche carries Broadcom’s endorsement. An $18 billion junior tranche is led by Blackstone.
Anthropic’s IPO filings, disclosed around October 1, 2026, show Broadcom committed up to $42 billion in convertible notes for the AI lab. Convertible notes are loans that can later turn into equity, giving the lender a potential slice of the upside.
In June 2026, Broadcom launched its AI XPV platform partnership with Apollo Global Management and Blackstone. The goal is to help finance more than 20 gigawatts of AI infrastructure by 2028. The partnership’s opening act was a $35 billion transaction for Anthropic. The new $60 billion package builds on that foundation.
OpenAI could be next
Broadcom is also weighing a separate financing deal for OpenAI. As of October 7 to 8, 2026, discussions were underway for a potential $30 billion to $50 billion package. That money would support OpenAI’s Nexus chip program, a custom accelerator effort aimed at significant capacity by 2028 to 2029. The talks are preliminary, so nothing is signed.
If both deals land, the combined commitments for Anthropic and OpenAI could exceed $92 billion.
Why a chipmaker is acting like a bank
By helping customers pay, Broadcom locks in long-term chip orders. At the same time, the structure pushes much of the credit risk onto lending institutions and special-purpose vehicles.
External financing needs for AI data-center infrastructure through 2028 are estimated at $1.5 trillion.
What this means
Anthropic’s IPO filings raise potential conflicts of interest because Broadcom plays several roles at once: supplier, lender, and guarantor. Prospective Anthropic shareholders will want to understand how those relationships could affect pricing, terms, and priorities.
Several things are worth tracking from here. First, whether the OpenAI talks convert from preliminary discussions into a signed package, and where in the $30 billion to $50 billion range it lands. Second, how syndication of the Anthropic tranches goes. Third, how Anthropic’s IPO process handles disclosure of its Broadcom ties, given that Broadcom holds up to $42 billion in convertible notes. Finally, progress toward the AI XPV platform’s 20-gigawatt target by 2028 will show whether this financing model scales.
Disclosure: This article was edited by Diego Almada Lopez. For more information on how we create and review content, see our Editorial Policy.