연합뉴스1 hour agoBusiness2 min readSouth Korea

Antropic's TPU rental fee of 81 trillion won loan... sold to investors

Quick Look

Large Wall Street banks have begun selling $60 billion (approximately 81.5 trillion won) worth of loans provided as lease fees for Antropic's Google TPU to other investors. $42 billion worth of senior secured loans guaranteed by Broadcom will be sold first, and subordinated debt will be released later.

AI-generated summary

Why It Matters

Large Wall Street banks have agreed to provide $60 billion in loans for Antropic's Google TPU lease fees, the largest amount in semiconductor procurement finance history. Investors have been demanding higher risk premiums in recent months due to concerns that capital expenditures by AI companies may not lead to long-term returns.

Font size

(Seoul = Yonhap News) Reporter Joo-ho Jeong = The Financial Times (FT) reported on the 5th (local time), citing multiple sources, that large Wall Street banks have begun selling $60 billion (approximately 81.5 trillion won) worth of loans provided as lease fees for Antropic's Google Tensor Processing Unit (TPU) to other investors.

This transaction, the largest in the history of semiconductor procurement finance, is seen as a test bed to gauge market demand for artificial intelligence (AI) debt.

Investors have been demanding higher risk premiums in recent months amid concerns that AI companies' massive capital expenditures (capex) may not lead to returns in the long term, the FT reported.

According to reports, Bank of America (BofA), Citigroup, and Morgan Stanley, which agreed to provide loans, began selling some of the loans they provided to other investors on this day.

What is being sold this time is a senior secured loan worth approximately $42 billion (approximately KRW 57.1 trillion) guaranteed by Broadcom.

Sources said that thanks to Broadcom's credit rating (A-), it may be sold to a wider group of investors in the investment grade bond market in the future.

Broadcom's $18 billion unsecured subordinated debt will be released at a later date. Private equity firm Blackstone has already committed to purchasing about $9 billion of the $18 billion.

One source said that since subordinated debt is exposed to Antropic credit risk, it is likely to be launched after an initial public offering (IPO) within the year, when investors can check financial disclosures.

The funds loaned by the three companies, including BofA, are used by Antropic to cover the cost of leasing Google TPUs. Broadcom is developing TPU with Google.

Last June, Broadcom signed a financial contract worth $35 billion with private equity funds Apollo and Blackstone and launched the 'AI XPV' platform, which will supply more than 20 gigawatts (GW) of AI computing capacity by 2028.

What to Watch

AI outlook — possibilities, not facts

The subordinated debt is likely to be released after Antropic's IPO.
Possible · Within months

Open Questions

When is the final release date for subordinated debt?
In addition to the $9 billion promised by Blackstone, who will the remaining $9 billion be sold to?
What are the terms and conditions of Antropic's Google TPU lease contract?