Broadcom is deploying tens of billions of dollars in off-balance-sheet financing guarantees to support specialized AI infrastructure projects, according to a report published by the Financial Times. The transactions highlight a growing reliance on shadow financing methods as tech giants scale up data center capacity.
Financing Anthropic and Google AI Projects
Broadcom has taken on approximately $29 billion in financial guarantees to secure chip projects for a special purpose vehicle tied to AI startup Anthropic, which was established alongside Google, according to reporting by Börse Express. These off-balance-sheet structures help cover massive upfront hardware and computing capacity costs.
The guarantees ensure the provision of processors capable of delivering one gigawatt of power. Because these residual value guarantees are typically logged in the notes of corporate financial reports rather than as conventional liabilities under standard accounting rules, they remain largely hidden from traditional debt tallies.
Reaching $300 Billion Across the Sector
The Broadcom arrangement is part of a broader trend across the technology sector. According to Financial Times reporting, leading technology corporations have extended up to $300 billion in guarantees for data centers and computing capacity over the past year.
Other major players are utilizing similar vehicles to manage capital expenditure. Meta Platforms has utilized financial safeguards for the Hyperion project in Louisiana, while Nvidia is tied to multi-billion-dollar commitments that shift financial exposure away from core corporate balance sheets and into special purpose entities.
OpenAI and Anthropic Drive XPU Demand
The reliance on off-balance-sheet guarantees underscores Broadcom’s deep ties to a small group of primary buyers. Industry estimates cited by Börse Express indicate that roughly 71 percent of the company’s scheduled XPU accelerator shipments for fiscal years 2027 and 2028 depend on orders from OpenAI and Anthropic.
At the same time, Broadcom maintains a dominant position in custom AI application-specific integrated circuits (ASICs). Analysts at JPMorgan estimate that Broadcom and Marvell control the market for custom AI ASICs, with Broadcom alone commanding an 80 to 85 percent market share.
Surging Revenue Meets Stock Market Caution
Operationally, Broadcom continues to post robust revenue growth. During the third quarter, the company’s AI semiconductor revenue surged 221 percent year-over-year to 16.7 billion Dollar. Chief Executive Officer Hock Tan projects that AI chip revenue will reach approximately 115 billion Dollar for fiscal year 2027, followed by a potential doubling the following year.
Despite strong operational metrics, equity markets have responded with increased caution regarding debt and guarantee exposure. Broadcom shares closed at 311.00 euros following a 2.6 percent gain, remaining roughly 28 percent below the 52-week high of 429.60 euros.