← Depreciating CollateralEren Kahraman · November 2026

Figure 2.2. Tranche structure of the TPU lease financing

Senior tranches ≈ USD 30.5 billion, Details: Broadcom backstop · coupon ≈ 5.75%. Junior tranche ≈ USD 4.5 billion, Details: Anthropic credit risk · KBRA BB+ · coupon ≈ 8.5%.

Illustration of the mechanism described in thepaper — not an estimate85% of amounts outstandingSale value of the hardwareBroadcom’s liability under the backstoplowerhigherSale value of the hardware
Illustration of the mechanism described in thepaper — not an estimate85% of amounts outstandingSale value of the hardwareBroadcom’s liability under the backstoplowerhigherSale value of the hardware

Note: Amounts are approximate. Broadcom has also agreed to lend Anthropic up to USD 42 billion in convertible notes restricted to TPU lease payments; the Anthropic prospectus discloses this as a potential conflict of interest.

Source: The Paypers (2026); FT (2026), via Dealroom; Implicator (2026a).

View data table
Figure 2.2. Tranche structure of the TPU lease financing: data
TrancheDetails
Senior tranches ≈ USD 30.5 billionBroadcom backstop · coupon ≈ 5.75%
Junior tranche ≈ USD 4.5 billionAnthropic credit risk · KBRA BB+ · coupon ≈ 8.5%
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From Depreciating Collateral: Technology risk in AI infrastructure debt and who holds it, Eren Kahraman, November 2026. Data as of 7 November 2026. Download the paper (PDF)