The artificial intelligence firm's IPO filings reveal a credit facility that may be converted into equity shares to cover roughly one third of a $125.2B five year TPU compute commitment. Broadcom has agreed to provide up to $42B in financing for this infrastructure expansion, making it a combined hardware supplier and funding partner. The agreement's structure creates potential conflicts regarding pricing and access to compute, while Anthropic is expected to become Broadcom's largest customer for these services by 2027.

This financing comes as Anthropic manages $518B in total compute spending over the next decade, 80% of which is non cancelable. This liability includes agreements to pay SpaceX as much as $84.5B for Nvidia based capacity through 2029—nearly double a previous estimate of $45B. Despite these costs and a $42B net loss, the company is targeting a $2T valuation against $4.6B in forecasted 2025 revenue.