By Gareth Gore, Rhys Adams, Michelle Sierra
Publication Date: 2026-10-09 13:10:00
The syndication of US$42bn of senior secured loans backstopped by Broadcom began on Monday. The equipment lease financing is to help Broadcom’s customer Anthropic pay for a massive order of its custom-made chips, in what will be the biggest test yet of market appetite for the controversial circular financing deals keeping the AI boom alive.
The deal is split evenly between two US$21bn tranches and forms part of a wider US$61.5bn financing package to fund the Anthropic order, with a US$1.5bn term loan also being syndicated plus an US$18bn junior tranche set to hit markets over the next few months.
It was put together to fund part of a mammoth order from the frontier lab for custom-made chips that Broadcom is developing with Alphabet. The deal, for 15GW of chips to be delivered over the next two years, will mean Anthropic becomes Broadcom’s biggest customer.
But the circular nature of the financing will…
