TPU & Accelerator Debt Tracker
The debt behind AI chips other than NVIDIA and AMD GPUs. It covers leases of Google TPUs and Broadcom-built accelerators, the bank and private-credit vehicles that own the chips, and the chip designers' backstops on their value. It also covers the debt of accelerator makers. Each row links its document. GPU borrowers are on GPU Debt, and the buildings are on Data-Center Debt.
$161.2B Anthropic's TPU finance leases, across 2 leases
Notes
Sizes: rent over each lease, excluding interest; each vehicle's financing at closing; each backstop and the notes at their maximum. Each comes from a filing, except two: TPU lease I is computed from filed figures, and the October vehicle financing comes from the lenders' release. The lighter bars are maximums that are not drawn. The layers sit on the same chips, so they do not add up, and the chart shows no total. Each bar links its ledger row.
Ledger
Every financing tied to these chips, then the same issuers' other debt, so each borrower's full stack sits in one place. Chip families on the ledger: TPU, Cerebras WSE, Etched Sohu, SambaNova RDU. The same chips can appear on several rows: as a lease, as the vehicle that owns them and as a backstop on their value. So the rows do not add up; the headline counts only Anthropic's finance leases, and the vehicles' debt stays out of it.
Chip financings 14
Leases, the vehicles that fund them, backstops on the chips' value, and the chip makers' own loans.
Ledger updated 2026-11-09
| Issuer | Lenders / Agents | Instrument | Source | Type | Size $M | Rate | Issued | Maturity | Seniority | Status |
|---|---|---|---|---|---|---|---|---|---|---|
| Alphabet Inc. GOOGL | Counterparties not named (TPU buyers and their assignees) | Repurchase guarantees on sold TPU systems (maximum $6.6B) | Alphabet 10-Q for the quarter ended 2026-09-30, acc 0001652044-26-000084 (Note 10 Financial Guarantees | Other | 6,600 | Undisclosed | 2026-09-30 | Multi-year repurchase terms | unsecured | confirmed |
| Anthropic, PBC | Counterparty not named in the S-1/A | 2025 note purchase agreement: up to $10.0B of convertible notes to fund TPU lease I rent (undrawn) | Anthropic PBC Form S-1/A filed 2026-11-02, acc 0001628280-26-068676 (Note 9, Other Note Purchase Agreements, 2025 | Convertible | 10,000 | Undisclosed | 2025-08 | Undisclosed | other | confirmed |
| Anthropic, PBC | Broadcom Inc. (lessor, per S-1 MD&A) | TPU master equipment lease I (AI Infrastructure OpCo, five-year finance lease) | Anthropic PBC Form S-1 filed 2026-10-26, acc 0001628280-26-067168 (MD&A, Infrastructure Equipment Leases | Lease | 36,000 | Undisclosed | 2025-08-13 | Undisclosed | other | confirmed |
| Anthropic, PBC | Broadcom Inc. (lessor; may assign pods to financing SPVs) | Broadcom TPU8i master equipment lease II (AI Infrastructure OpCo II, five-year finance lease) | Anthropic PBC Form S-1 filed 2026-10-26, acc 0001628280-26-067168 (Risk Factors | Lease | 125,200 | Undisclosed | 2026-03-31 | Undisclosed | other | confirmed |
| Anthropic, PBC | Broadcom Inc. (or a designated financial partner) | Infrastructure Partner 2026 NPA: up to $42.0B convertible notes to fund TPU8i lease rent (Broadcom) | Anthropic PBC Form S-1 filed 2026-10-26, acc 0001628280-26-067168 (MD&A, Convertible Notes, Broadcom | Convertible | 42,000 | 9.00% | 2026-03-31 | Undisclosed | secured | confirmed |
| Apollo-led SPV with Blackstone (AI XPV Platform, Anthropic TPU lease) | Apollo-managed funds and affiliates (lead) +4 | AI XPV Platform first tranche: $35B Anthropic TPU lease SPV (Apollo-led, with Blackstone) | Broadcom, Apollo and Blackstone joint release (2026-06-09) | Other | 35,000 | Undisclosed | 2026-06-08 | Undisclosed | secured | confirmed |
| Bank of America / Citi / Morgan Stanley / Blackstone SPV (Anthropic XPU lease) | Bank of America (first-lien arranger) +3 | $63B SPV financing: Broadcom XPUs leased to Anthropic (Bank of America, Citi, Morgan Stanley first lien; Blackstone second lien) | Joint release of Bank of America, Blackstone, Citi and Morgan Stanley with Broadcom (PR Newswire, 2026-10-26) | Other | 63,000 | Undisclosed | 2026-10-26 | Undisclosed | secured | confirmed |
| Broadcom Inc. AVGO | Apollo (investor partner, named in Broadcom's 10-Q filed 2026-06-09; Apollo-led with Blackstone per the June 9 release) | Backstop on the AI XPV Platform first tranche, Anthropic leases (maximum about $29B) | Broadcom Inc. 10-Q for the quarter ended 2026-05-03, Item 5 and Note 11, filed 2026-06-09, acc 0001730168-26-000054 | Other | 29,000 | Undisclosed | 2026-06-08 | Five-year lease terms; declines as rent is paid | unsecured | confirmed |
| Broadcom Inc. AVGO | Newly formed SPV (beneficiary; support sized to the first lien) | Residual value support ('Backstop') to the Anthropic XPU lease SPV (maximum about $43B) | Broadcom Inc. 8-K Item 2.03, date of report 2026-10-26, filed 2026-10-27, acc 0001193125-26-434271 | Other | 43,000 | Undisclosed | 2026-10-26 | Runs with the leases; declines as rent is paid | unsecured | confirmed |
| Cerebras Systems CBRS | OpenAI OpCo, LLC (lender and customer) | OpenAI Working Capital Loan (secured promissory note, ~$1.0B, 6%) | Q2-26 10-Q filed 2026-08-12, acc 0001628280-26-056357, Note 10 Debt and the OpenAI Collaboration note | Credit facility | 1,005 | 6.00% | 2026-01 | 2032-12-31 | secured | confirmed |
| Cerebras Systems CBRS | Morgan Stanley (JLA; MS Senior Funding admin + collateral agent) +8 | Syndicated revolving credit facility | cerebras.ai release 2026-04-15 | Credit facility | 850 | SOFR +2.25% | 2026-04-14 | 2031-04-14 | secured | confirmed |
| Crux AI | Ten-bank group (press); Goldman Sachs, SMBC, Barclays, BNP Paribas and Scotiabank named in press write-ups | $22B bank loan secured by Google TPUs (reported) | Bloomberg, 'Banks Line Up $22 Billion Chip Loan Tied to Blackstone, Alphabet', 2026-09-16 (paywalled, not linked) | Credit facility | 22,000 | Undisclosed | 2026-09-16 | Undisclosed | secured | rumored |
| Etched.AI, Inc. | TriplePoint Venture Growth BDC Corp. (TPVG) +1 | Revolver from TriplePoint funds (Prime + 4.00%, 10.75% floor) | TriplePoint Venture Growth BDC Corp. 10-Q for the quarter ended 2026-09-30, acc 0001580345-26-000038 (schedule of investments | Credit facility | 20 | Prime + 4.00%, 10.75% floor (sch… | 2026-04-10 | 2028-04-30 | other | confirmed |
| General Compute | Upper90 | Upper90 debt facility secured on inference chips | TechCrunch (chip collateral, press) | Credit facility | 100 | Undisclosed | 2026-07-17 | Undisclosed | secured | confirmed |
Filter, search, or click a column header to sort (a third click restores the ledger order); drag a header edge to resize. Hover a cell for entity, collateral and size notes. Status: confirmed by a company, lender or arranger statement; press, from reporting only; rumored, in talks with no close announced.
Same issuers' other debt 7
Revolvers, convertible notes and partner note facilities of the borrowers above. Their filings tie them to no specific chip.
Ledger updated 2026-11-09
| Issuer | Lenders / Agents | Instrument | Source | Type | Size $M | Rate | Issued | Maturity | Seniority | Status |
|---|---|---|---|---|---|---|---|---|---|---|
| Anthropic, PBC | Amazon Web Services, Inc. | Amazon convertible notes, 2023 note purchase agreement (non-interest-bearing rollover notes) | Anthropic PBC Form S-1/A filed 2026-11-02, acc 0001628280-26-068676 (MD&A, Convertible Notes | Convertible | 2,186 | 0.00% | 2023-09-19 | 2034-03 | unsecured | confirmed |
| Anthropic, PBC | Amazon Web Services, Inc. | Amazon convertible notes, 2024 note purchase agreement (non-interest-bearing rollover notes) | Anthropic PBC Form S-1/A filed 2026-11-02, acc 0001628280-26-068676 (MD&A, Convertible Notes | Convertible | 4,017 | 0.00% | 2024-11-22 | 2035-11 | unsecured | confirmed |
| Anthropic, PBC | Data-center developers (beneficiaries; not named) | Guaranty and cost-reimbursement arrangements with data-center developers (maximum $4.7B) | Anthropic PBC Form S-1/A filed 2026-11-02, acc 0001628280-26-068676 (Note 13, Cost Reimbursement Arrangements and Guarantees | Other | 4,700 | Undisclosed | 2026 (month not filed) | Undisclosed | other | confirmed |
| Anthropic, PBC | Power counterparty of the data-center provider (beneficiary; not named) | Guaranty of a data-center provider's power purchase contract (maximum $500M) | Anthropic PBC Form S-1/A filed 2026-11-02, acc 0001628280-26-068676 (Note 16, Subsequent Events: Compute and Infrastructure Transactions | Other | 500 | Undisclosed | 2026-03 | Undisclosed | other | confirmed |
| Anthropic, PBC | Google LLC | Google 2026 note purchase agreement: up to $20.0B of convertible notes or non-voting stock (undrawn) | Anthropic PBC Form S-1/A filed 2026-11-02, acc 0001628280-26-068676 (MD&A, Convertible Notes | Convertible | 20,000 | 9.00% | 2026-03-31 | — | unsecured | confirmed |
| Anthropic, PBC | Amazon Web Services, Inc. | Amazon 2026 stock purchase and convertible note facility: up to $15.0B (undrawn) | Anthropic PBC Form S-1/A filed 2026-11-02, acc 0001628280-26-068676 (MD&A, Convertible Notes | Convertible | 15,000 | 8.00% | 2026-04-20 | — | unsecured | confirmed |
| Anthropic, PBC | Morgan Stanley Senior Funding, Inc. (administrative and collateral agent; also lead left arranger, joint bookrunner and syndication agent) +3 | $15B senior secured revolving credit facility (A&R Credit Agreement, Morgan Stanley agent) | Anthropic PBC Form S-1 filed 2026-10-26, acc 0001628280-26-067168 (MD&A, Revolving Credit Agreement | Credit facility | 15,000 | SOFR +1.00% | 2026-09-04 | 2031-09-04 | secured | confirmed |
Filter, search, or click a column header to sort (a third click restores the ledger order); drag a header edge to resize. Hover a cell for entity, collateral and size notes. Status: confirmed by a company, lender or arranger statement; press, from reporting only; rumored, in talks with no close announced.
Sources & method
Every row comes from a primary document, linked on the row: an SEC filing, an issuer or lender release, or for some private deals a press report, marked as such. Undisclosed stays undisclosed.
Scope. An issuer joins when one of its financings is tied to an AI accelerator other than an NVIDIA or AMD GPU: Google TPUs, the custom accelerators Broadcom builds for its customers (XPUs), Amazon Trainium, Cerebras wafer-scale engines and other dedicated AI chips. Its other debt joins with it. A facility that also finances some GPUs stays here when its lender names a dedicated AI chip. Issuers that pledge GPUs are on GPU Debt, with their whole stack.
Coverage. The public issuers' filings are checked each business day. Private vehicles and lenders are added from their releases and from reporting.