BofA, CITIGROUP and MORGAN STANLEY have started syndicating $60 bln of debt to finance ANTHROPIC’s leasing of Google AI chips, the largest chip financing to date.

About $42 bln is a Broadcom-backed senior secured loan whose syndication began Monday; a $18 bln subordinated tranche without Broadcom backing will be launched later, with Blackstone committed to roughly $9 bln. Proceeds will fund ANTHROPIC’s 2027 chip orders and lease payments will begin after delivery.

Broadcom may also receive up to $42 bln of convertible notes to cover related lease fees. The transaction is being treated as a barometer of market appetite for AI-related debt.