Anthropic's IPO filing shows Broadcom agreed to provide up to $42bn in loans to
finance infrastructure spending, covering compute supply, equipment leases and
related financing. Anthropic could become Broadcom's largest customer for its
core chip-design business next year, a spending pattern that has drawn scrutiny
from Wall Street AI skeptics. Under the arrangement Broadcom may designate a
financing partner and the debt instruments could convert into Anthropic equity.
Anthropic disclosed Broadcom's dual role as hardware supplier and financier
poses a "potential conflict of interest" that could affect Anthropic's access to
compute.
