Semiconductor giant Broadcom (NASDAQ: AVGO) has become one of the top breadwinners in custom silicon, positioning itself as NVIDIA’s (NASDAQ: NVDA) key competitor in AI chips. However, Broadcom’s XPU customer base is undergoing a very significant shift. Alphabet (NASDAQ: GOOGL) has long been Broadcom’s largest XPU customer, but if all goes according to plan, that will not be the case in 2027. Broadcom has explicitly said that Anthropic is on track to become its largest customer next year and sustain that position in 2028.
However, Anthropic has a problem that Alphabet does not; it is just now starting to generate profits. This raises questions about the company’s ability to actually pay Broadcom when the bill comes due. In this context, investors just received a critical piece of information to analyze: Anthropic’s confidential IPO prospectus. Diving into the details helps provide a better sense of Anthropic’s ability to make good on its commitment to Broadcom.
