Revenue surges 14-fold as firm eyes landmark IPO; Wall Street backs $630B AI chip purchase
Broadcom steps in to back equipment value, drawing attention to growing HBM demand for Samsung and SK hynix
Even with $131.7 billion in cash and short-term investments on hand, Anthropic is pursuing what is shaping up to be a record-breaking initial public offering (IPO) as Wall Street arranges a massive $630 billion financial package for AI semiconductors. Semiconductor supplier Broadcom is also backing the future value of its equipment. As large-scale capital flows into AI infrastructure expansion, shifts are emerging across semiconductor investments and the supply chain.
The decision by a cash-rich company to tap external financing stems from the multi-year computing infrastructure investments ahead. By spreading equipment purchase costs over their operational lifespan rather than taking an upfront hit, the company aims to preserve investment capacity.
Anthropic seeks external funds despite sitting on $131.7B
Anthropic filed its Form S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) on the 26th (local time), signaling its bid to list on the Nasdaq. The company has applied for the ticker symbol "ANT," though the offering price and the number of shares to be issued have not yet been finalized.
Market watchers are closely watching whether the offering will eclipse previous record IPOs. The exact scale of the offering will be determined once the final pricing and share volume are set.
Revenue for the first half of the year reached $16.286 billion, marking a roughly 14-fold increase from $1.163 billion during the same period last year. The rapid expansion was driven by surging enterprise adoption of its Claude AI service.
As of the end of June, cash, cash equivalents, and short-term investments totaled $131.651 billion. Operating cash flow for the first half also recorded a net inflow of approximately $3.9 billion.
While the growth rate alone is striking, the picture shifts when factoring in investment liabilities.
The registration statement also disclosed approximately $321.4 billion in future commitments under lease agreements that have not yet commenced. These represent future contractual obligations distinct from current financial liabilities. Because these could potentially overlap in scope with the Broadcom financing deal, they cannot be dismissed as a separate, additional burden.
First-half net losses were tallied at roughly $80.7 billion, though a significant portion stemmed from accounting valuation losses related to financial instruments. This underscores the need to distinguish between operating cash flows and net losses.
The upcoming IPO will test not only Anthropic's revenue growth trajectory but also its capacity to shoulder long-term infrastructure investment costs.
Wall Street deploys $630B as Broadcom underpins equipment value
Bank of America, Blackstone, Citigroup, and Morgan Stanley announced a $630 billion financing transaction on the 26th to support the buildout of Anthropic’s AI computing infrastructure.
The structure differs from conventional corporate borrowing. A specially created special purpose vehicle (SPV), funded by financial institutions and other backers, will purchase Broadcom’s AI accelerators (XPUs) and networking equipment before leasing them to Anthropic. Equipment deliveries are scheduled to begin in 2027.
Broadcom’s role extends beyond merely selling hardware. The company is providing residual value support corresponding to the senior financing tranche, acting as a buffer for financial institutions should technological advancements erode equipment values over time.
Because AI semiconductors experience rapid technology replacement cycles, predicting the long-term residual value of such equipment remains difficult. While Broadcom’s backing mitigates risk for lenders, it does not completely eliminate the financial burden posed by potential depreciation.
Jim Demare, Co-Head of Global Banking at Bank of America, stated in an official release, "Responsible AI development requires translating ambitious technical roadmaps into tangible computing infrastructure."
The $630 billion financing transaction is separate from Anthropic’s IPO proceeds. While the company pursues a public valuation via its stock market listing, it is simultaneously leveraging separate, large-scale financing to secure essential chips.
AI chip competition spreads beyond Nvidia, putting Samsung and SK hynix in focus
The new financing arrangement targets Broadcom’s custom AI accelerators and networking hardware. Even as Nvidia GPUs maintain a commanding position in the AI semiconductor market, the options are broadening to include Google TPUs and Broadcom custom silicon.
While GPUs derive their strength from general-purpose computing versatility across diverse workloads, custom AI accelerators focus on optimizing performance and power efficiency for specific tasks. AI firms are deploying a mix of semiconductor types based on cost, performance, and supply chain stability.
This trend brings meaningful shifts for South Korea’s memory sector. High-performance memory, including High Bandwidth Memory (HBM), is required not only for Nvidia GPUs but also for AI accelerators from AMD and Broadcom. As the ecosystem of AI chip suppliers diversifies, the demand base for memory is expected to widen correspondingly.
Last July, Samsung Electronics signed a memorandum of understanding (MOU) with Broadcom to expand cooperation in memory—including HBM—and foundry services. The two companies project potential collaboration exceeding $200 billion over five years through 2030. While not a finalized order book, the agreement links Broadcom’s expanding AI accelerator business with Samsung’s advanced semiconductor operations.
SK hynix is similarly tied to soaring HBM demand driven by the proliferation of the AI accelerator market. The actual contribution to earnings will ultimately depend on product adoption by individual clients, supply agreements, and production capacities.
Should supplies of both Nvidia GPUs and custom AI accelerators scale up in tandem, Samsung Electronics and SK hynix will gain fresh opportunities to secure additional demand. The fact that Wall Street capital has begun underwriting the procurement of AI hardware is a noteworthy development for the South Korean semiconductor industry.
