(Bloomberg) — Broadcom Inc.’s promise to backstop the largest portion of a record-setting microchip financing deal for Anthropic is keeping yields for the deal in check, according to people familiar with the matter.
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Arrangers at Apollo Global Management Inc. and Blackstone Inc. are discussing a yield of about 5.75% with investors on the biggest portion of the debt, which will be about $25 billion, said the people. A riskier portion that isn’t backed by Broadcom might carry an interest rate of 8% to 9%, said the people, who weren’t authorized to publicly discuss details about the private deal.
Despite the deal’s enormous size and uncommon structure, the range of yields being discussed on the main portion is similar to some data center financings earlier this year. Risk premiums could be even slimmer than they were on a late April investment-grade bond sale for a Google-backed facility in Louisiana. Still, direct comparisons are difficult given the uniqueness of the Broadcom deal.
The package will help supply Anthropic with specialized chips designed by Broadcom and developed by Google amid the boom in artificial intelligence that’s attracting a flood of new investments. By offering to stand behind the largest parts of the deal with its top-tier credit rating, Broadcom would help investors feel comfortable lending enormous sums to a young startup like Anthropic while it’s facing intense competition.
Representatives for Anthropic, Apollo and Blackstone declined to comment. Google and Broadcom didn’t respond to messages.
AI debt deals stretching well into the double-digit billions have become commonplace on Wall Street. Still, this arrangement for Anthropic would rank among the largest-ever financings by private credit firms to pay for microchips.
The chips ultimately would be shipped to data centers leased by Anthropic. The arrangement will help the maker of Claude and Mythos meet its ambitious goals for scaling up computing power to meet a surge in customer demand that has stretched its existing capacity to the limit. It could also bolster Anthropic as it races with OpenAI to stage an initial public offering.
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