Broadcom is lining up roughly $21 billion in new debt financing for its custom AI chip business, Bloomberg reported Tuesday, the latest piece of a sprawling, multi-tranche financing effort that Wall Street banks have been assembling for months to fund the chipmaker's buildout for Anthropic and OpenAI. Shares of Broadcom (AVGO) jumped as much as 4% on the news as chip stocks led a broader tech rally.

The new tranche is part of a much larger financing push that has grown in scope with each report over the past three months. Banks had already begun syndicating a roughly $60 billion package tied to Anthropic's chip needs by early October, according to the Financial Times, structured as $42 billion of senior debt backed by a Broadcom guarantee and $18 billion of junior debt without one. CNBC has since reported the overall package under discussion could reach $70 billion to $80 billion, while some estimates of the full financing effort — spanning both the Anthropic and a separate OpenAI-linked arrangement — have put the combined total as high as $100 billion.

Two Separate Mega-Deals

Alongside the Anthropic-linked financing, Broadcom is separately arranging more than $50 billion to support OpenAI's custom chip production, with private equity giants Apollo Global Management and Blackstone among the lenders approached, according to reporting attributed to The Wall Street Journal. Both firms were also named as participants in the Anthropic-linked package, underscoring how concentrated the financing for AI infrastructure has become among a small handful of giant private credit shops.

SHARES JUMPED AS MUCH AS 4% ON THE NEWS.

The financing builds on a partnership Broadcom struck with Apollo and Blackstone in June to back a $35 billion expansion of Anthropic's computing capacity, using Broadcom's custom chips and networking hardware. That deal was itself one of the largest AI infrastructure financings on record at the time; the packages now under discussion would dwarf it.

None of the companies involved — Broadcom, Anthropic, OpenAI, Apollo or Blackstone — have publicly confirmed final terms, and analysts caution the numbers have shifted upward with nearly every new report as talks have progressed. Broadcom's own balance sheet tells a more modest story in the meantime: the company's total debt actually fell from $68.9 billion in late 2024 to roughly $59.4 billion as of August, before any of the new AI-linked tranches are added.

The financing frenzy reflects the enormous capital hunger of the AI buildout, as Anthropic and OpenAI both race to secure chip supply and compute capacity years in advance. Broadcom's custom chip business has emerged as a prime beneficiary, competing increasingly with Nvidia for a share of AI infrastructure spending that shows no signs of slowing heading into 2027.