Broadcom is following Nvidia's lead with these lending arrangements, it seems.

As part of the financing arrangement, Broadcom could designate a financing partner, and the debt instruments could be converted into Anthropic shares. Anthropic said in its filing it doesn’t expect any notes to be sold before it completes its IPO.

The convertible note Anthropic would issue could finance about a third of the $125.2 billion commitment the AI lab has made for a five-year lease of tensor processing unit (TPU) computing capacity.

This deal highlights Anthropic's increasing usage of TPUs and, with it, will make Anthropic the largest compute customer of Broadcom.