Anthropic’s IPO prospectus reveals that Broadcom agreed to lend the artificial intelligence company up to $42 billion through convertible notes. Broadcom simultaneously serves as Anthropic’s supplier, lessor, and lender, raising conflict-of-interest concerns. Anthropic has committed $125.2 billion in tensor processing unit compute capacity over five years, with roughly one-third expected to be funded by Broadcom’s loan. The company generated nearly $4.6 billion in revenue for 2025 against a net loss of $42 billion, while its total cloud and compute commitments reach $518 billion. This situation comes as Anthropic prepares for an IPO targeting a valuation exceeding $2 trillion.
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