Broadcom to backstop up to $42B for Anthropic infrastructure leases

Broadcom is putting its balance sheet behind Anthropic’s compute ambitions. A post on X reported that the chipmaker will lend up to $42 billion to Anthropic for infrastructure lease agreements. The mechanics are more creative than a simple loan. Think less “bank hands over a check” and more “co-signer on a very, very large apartment lease.” How the deal is built The core financing is a private-credit deal led by Apollo Global Management and Blackstone. The two firms closed a roughly $35 billion package in June 2026, after first shopping it at about $36 billion. That money buys Google-designed Tensor Processing Units, or TPUs. These are custom chips built for AI workloads, and they get leased to Anthropic. Broadcom’s role is the backstop. It supports the senior debt tranches, meaning the safest slices of the financing stack that get paid first. Estimated exposure on those senior tranches runs from $30 billion to $31 billion. Some disclosures cap it at about $29 billion, and reported maximum exposure on the first deal sits around $29 billion to $30 billion. The important nuance: this is a contingent guarantee, not cash out the door. Broadcom only pays if leases default or if resellin...