Anthropic announced a $63 billion debt deal on October 27, 2026, led by Bank of America, Citigroup and Morgan Stanley. Reporting since shows Broadcom CEO Hock Tan lobbied banks for about $40 billion of it and guaranteed part of the deal, and that a Broadcom shell company borrows the money, buys the chips and leases them to Anthropic. Tan kept it alive with a higher rate Anthropic pays and broader loss guarantees for banks. Anthropic's S-1 shows Broadcom lending Anthropic money it can use to repay the Broadcom deal, and Goldman Sachs holds a top role in the IPO. The circular-financing question is now the argument.