Bulletin: Broadcom Inc.'s Initial Tranche Under Its AI XPV Platform Will Have A Modestly Negative Impact On Its Credit Quality

This report does not constitute a rating action. SAN FRANCISCO (S&P Global Ratings) June 11, 2026--S&P Global Ratings today said that Broadcom Inc.'s (A-/Positive/A-1) initial $35 billion tranche under its AI XPV Platform (Platform), to facilitate Anthropic Inc.'s previously announced capacity expansion of more than 1 gigawatt (GW) of compute infrastructure starting in mid-2026, will have a modestly negative impact on the company's credit quality, given its significant debt capacity at the current rating. This reflects Broadcom's S&P Global Ratings-adjusted leverage of near 1x, which is well below our 3x downgrade threshold for the current rating, and our expectation it will materially expand its debt capacity over the next two years as it improves its profitability. At the same time,

...June 11, 2026 This report does not constitute a rating action. SAN FRANCISCO (S&P Global Ratings) June 11, 2026--S&P Global Ratings today said that Broadcom Inc.'s (A-/Positive/A-1) initial $35 billion tranche under its AI XPV Platform (Platform), to facilitate Anthropic Inc.'s previously announced capacity expansion of more than 1 gigawatt (GW) of compute infrastructure starting in mid-2026, will have a modestly negative impact on the company's credit quality, given its significant debt capacity at the current rating. This reflects Broadcom's S&P Global Ratings-adjusted leverage of near 1x, which is well below our 3x downgrade threshold for the current rating, and our expectation it will materially expand its debt capacity over the next two years as it improves its profitability. At the same time, we note that the company could increase the Platform's computing capacity to more than 20 GW over time, which may require similar financings wherein it acts as a backstop for its customers with...

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