Anthropic IPO Closing Market Cap (Middle Brackets)No IPO by December 31, 2027

Broadcom has agreed to lend Anthropic up to $42 billion to cover TPU (Thinker Pulled Processing Unit) leasing costs. The loan is structured as convertible bonds, which may later be converted into Anthropic equity. This is a credit line, not an actual disbursement; Anthropic stated in its IPO filing that it does not expect to sell these bonds before the IPO is completed. The $42 billion covers approximately one-third of its five-year, $125.2 billion TPU leasing commitment. The computing power comes from collaborations with Google and Broadcom, with next-generation TPUs available from 2027 onwards. Anthropic expects to become Broadcom's largest computing power customer that year. Broadcom plays a triple role, encompassing chip design, equipment leasing, and financing, unlike Amazon, which primarily provides cloud and distribution channels. The filing reveals conflicts of interest: pricing and hardware decisions could affect computing power acquisition; defaults on payments or performance could accelerate lease obligations and restrict access to this credit line. Two other cases of AI being supported by debt financing occurred during the same period. SoftBank issued approximately $11.1 billion in junk bonds (BB+), with a 5.5-year USD bond yielding 9.25% and a longer maturity yielding 9.75%. The funds will be used for its final $10 billion investment in OpenAI's third round of funding. Nvidia-backed Australian data center Firmus Grid plans to list on the ASX, with a target enterprise value of approximately $30 billion. Analysts estimate that debt accounts for about half of its value. Broadcom's performance remains strong: third-quarter revenue increased by 86% year-over-year, and AI semiconductor revenue increased by 221% year-over-year. The impact of financing on revenue will primarily occur after 2027, rather than in the current quarter's figures. This is not an immediate sign of crisis, as demand is backed by performance; however, the larger the revenue, the more important it is to break down how much of it comes from supplier credit. The terms of leases and loans must also match the actual lifespan of the assets; this is a risk that needs to be addressed later.

ANTHROPIC'S IPO PROSPECTUS SHOWS 2025 REVENUE UP 12X TO NEARLY $4.6B • • - Revenue: nearly $4.6B, up 12-fold • - Operating loss: $8.06B, from $2.98B in 2024 • - Net loss: about $42B, including a roughly $34B accounting charge tied to financing that could convert to shares • - Compute and infrastructure spending: $7.33B, up threefold, more than half of $12.65B in total operating expenses • - Cash, equivalents, and short-term investments: $20.28B as of December 31 • • The prospectus shows $518B in cloud, computing, and infrastructure obligations. Nearly a quarter of 2025 revenue came from two customers, and Anthropic warned many of its largest clients are not locked into long-term contracts. • • The listing could value the company at more than $2T and is likely to be pushed past the November midterms, per Reuters sources. Anthropic declined to comment.

Anthropic's mammoth IPO uncertain after founder's surprise AI safety call

IPO: AI company Anthropic apparently postpones its stock market launch