Broadcom is back at the negotiating table for another massive AI financing deal, and this one dwarfs the last.
The company is in talks with a group of lenders to raise more than $60 billion in debt for an AI chip financing arrangement involving Anthropic and other potential customers, Bloomberg News reported, citing people familiar with the matter.
The Deal Structure
The numbers under discussion are still being finalized. One version includes a roughly $30 billion junior debt tranche, with Broadcom guaranteeing part of a senior-secured tranche that could run from $60 billion to $70 billion on its own.
Combined, the total raise could reach as much as $100 billion.
That figure is worth sitting with. It would put a single financing round for one chip supplier's AI customer base in the same range as entire national infrastructure budgets, for a deal that's still, as of this week, unfinished and unconfirmed by any of the parties involved.
Blackstone and Apollo Global Management are in talks to participate. Neither Broadcom nor Apollo responded to requests for comment, and Blackstone declined to comment.
This Isn't Broadcom's First Anthropic Financing
Broadcom, Apollo and Blackstone already have a template for exactly this kind of deal. In June, the same three companies struck a $35 billion partnership to finance an expansion of Anthropic's computing capacity, built on Broadcom's custom chips and networking hardware.
That initial commitment was expected to add roughly one gigawatt of capacity. The broader partnership aims to enable more than 20 gigawatts of compute for leading AI labs by 2028.
Bloomberg reported the new debt would likely be issued through a special-purpose vehicle again, similar to how the June deal was structured.
That structure matters for how the risk actually sits. The special-purpose vehicle changes where the financing sits and how the risk is allocated. Broadcom can support the transaction without simply borrowing the entire amount on its own balance sheet, while still guaranteeing a meaningful portion of the debt.
Part of a Bigger Pattern
Broadcom isn't just an Anthropic supplier. It designs custom chips for Alphabet and Meta too, as those companies work to reduce their dependence on Nvidia, and it holds separate chip supply agreements with both Anthropic and OpenAI.
This deal fits squarely into the trend MAIN covered earlier this week: hyperscalers and their chip suppliers increasingly financing AI infrastructure with debt rather than cash on hand, a shift that's already showing up in rising Treasury and corporate bond yields.
Alphabet, Amazon and Microsoft have all signaled elevated AI spending will continue through the rest of 2026, and debt is increasingly how that spending gets funded.
Broadcom's position is slightly different from the hyperscalers themselves. It's not spending on its own infrastructure. It's financing its customers' ability to buy its chips, a subtler version of the supplier-funds-demand pattern already showing up in deals involving Nvidia and Marvell.
What This Means for Miami
This is the same structural pattern already reshaping bond markets and mortgage-linked yields, just showing up again at the level of one specific chip supplier and one specific AI lab.
For Miami's institutional investors and family offices tracking AI infrastructure exposure, a deal this size adds real weight to the questions J.P. Morgan's Bill Eigen has been raising about concentration risk. A single chip designer guaranteeing tens of billions in debt tied to a handful of AI labs' compute needs is precisely the kind of concentration and counterparty risk that deserves the same scrutiny Miami's real estate investors already apply to complex financing structures in Miami's own real estate market.