Anthropic brought in $16.96 billion in revenue during the third quarter. It also has roughly $900.9 billion in contractual commitments, most of it tied to compute and infrastructure. Buried in that mountain is $161.2 billion in Broadcom equipment leases, largely non-cancelable.
The financing deserves a closer look. Bank of America, Citi, Morgan Stanley and Blackstone are backing a $63 billion SPV that buys Broadcom AI accelerators and networking equipment, then leases it to Anthropic. Broadcom is providing residual-value support, with potential exposure reaching roughly $43.5 billion. Separately, Broadcom has agreed to make up to $42 billion in convertible notes available to Anthropic, restricted to paying rent on the equipment. Those notes can convert into Anthropic shares.
So Broadcom sells the hardware, helps support the financing behind the equipment, and provides Anthropic with a financing facility to pay the rent. Wall Street finances the vehicle buying the equipment. Anthropic needs its AI business to generate enough revenue to carry the commitments.
JUST IN: Anthropic recorded a $104.0 billion net loss in the first nine months of 2026
— Kalshi Finance (@Kalshi_Finance) November 10, 2026
It’s actually just how most people and companies buy/finance a depreciating asset like a car (most car loans from the auto makers to the buyer) most industrial equipment and real estate makes more sense to lease back and write off the rent 100% than buy own and depreciate based…
— Arik Fetscher (@ArikFetscher) November 10, 2026
That’s the circular financing risk. It doesn’t mean the deals will fail, and Anthropic’s growth is real. But the structure ties the fortunes of the customer, chip supplier, lenders and equipment lessors together in a way that could get ugly if demand or AI spending falls short. The Lucent and Nortel comparison is worth making: vendor-supported demand can make an infrastructure boom look healthier than the underlying economics really are.
https://www.sec.gov/Archives/edgar/data/2130357/000162828026072484/anthropicpbc-sx1ax2.htm
https://investors.broadcom.com/static-files/0ee4f6b7-4a23-4de0-8f3e-48f147ae30d3
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