{
  "schema": "aic.financing-availability-evidence/1",
  "checked_on": "2026-10-04",
  "status": "free_public_research_annotation",
  "published_on": "2026-10-04",
  "public_anthropic_prospectus_directly_obtained": false,
  "absence_of_public_anthropic_prospectus_proven": false,
  "sources": [
    {
      "id": "broadcom_q3_notes",
      "url": "https://www.sec.gov/Archives/edgar/data/1730168/000173016826000080/avgo-20260802.htm",
      "issuer_mirror": "https://investors.broadcom.com/node/64691/html",
      "filing_details": "https://investors.broadcom.com/sec-filings/sec-filing/10-q/0001730168-26-000080",
      "period_end": "2026-08-02",
      "filing_date_as_shown_by_issuer": "2026-09-10",
      "locator": "Note 10, Convertible Notes, printed page 21",
      "evidence_class": "direct_issuer_filing",
      "cap_usd": 42000000000,
      "notes_issued_to_broadcom_at_period_end_usd": 0,
      "use_constraint": "Notes or any proceeds are restricted to the customer's lease obligations.",
      "customer_named_in_selected_paragraph": false,
      "limit": "Conditional authority, not current cash or a complete agreement. Do not extend the August observation to October."
    },
    {
      "id": "reuters_october_terms",
      "url": "https://www.channelnewsasia.com/business/exclusive-broadcom-lend-anthropic-up-42-billion-lease-its-chips-filing-says-6424136",
      "publication_date": "2026-10-01",
      "evidence_class": "news_agency_report_of_filing",
      "reported_borrower": "Anthropic",
      "reported_facility_cap_usd": 42000000000,
      "reported_five_year_tpu_lease_commitment_usd": 125200000000,
      "reported_features": "Potential share conversion, a restricted April deposit and possible top-ups; some defaults can accelerate obligations while constraining financing access.",
      "pre_ipo_statement": "An expectation about note issuance, not verified as a legal bar.",
      "limit": "The underlying Anthropic filing and full operative terms were not obtained. No actual default or present draw balance established."
    },
    {
      "id": "broadcom_platform_launch",
      "url": "https://investors.broadcom.com/news-releases/news-release-details/broadcom-apollo-and-blackstone-establish-landmark-strategic",
      "publication_date": "2026-06-09",
      "evidence_class": "company_announcement",
      "announced_initial_transaction_usd": 35000000000,
      "observation": "Apollo and Blackstone participate in the initial AI XPV platform transaction for Anthropic capacity.",
      "limit": "Do not add this transaction to the note cap, or treat the launch as proof of each final draw."
    },
    {
      "id": "april_capacity_agreement",
      "url": "https://www.anthropic.com/news/google-broadcom-partnership-compute",
      "publication_date": "2026-04-06",
      "evidence_class": "company_announcement",
      "observation": "An expanded Google and Broadcom TPU agreement with capacity expected from 2027.",
      "limit": "Announcement is not completed delivery, cash settlement or the detailed note terms."
    }
  ],
  "cross_source_join": {
    "broadcom_note_paragraph_is_anonymous": true,
    "anthropic_attribution_source": "reuters_october_terms",
    "same_complete_legal_arrangement_directly_verified": false,
    "aggregate_financing_total_computed": false
  },
  "current_issuer_unknowns": {
    "drawn_cash_usd": null,
    "restricted_balance_usd": null,
    "operative_draw_conditions": null,
    "cash_or_noncash_settlement_route": null,
    "note_maturity_and_conversion_terms": null,
    "actual_acceleration_or_default": null,
    "net_ipo_cash_proceeds": null
  },
  "model_mapping": {
    "issuer_calibrated": false,
    "roles": "Lab, restricted lab assets and lease recipient; external cash lenders and equity investors. Do not equate the lessor with Broadcom.",
    "all_numerical_inputs": "Hypothetical USD amounts, rates, dates, receipts and share prices.",
    "acceleration": "Replaces 20m now plus 30m later with 50m now, not 50m plus the original 50m.",
    "note_route": "Assumed creditor acceptance at face value to discharge rent; not a right established by the source wording.",
    "cure_route": "A proposed consent package changes acceleration and permits a 20m draw; not an existing entitlement.",
    "standby_route": "A separate assumed stress-state funding source, not the original closed facility relabeled.",
    "fee_screens": "Deterministic timing and cash limits, not fair option prices or evidence that counterparties agree.",
    "negative_ledger": "Additional cash requirements under full scheduled settlement, not actual funded payments or permitted overdrafts."
  },
  "verification": {
    "scenarios": 19,
    "grouped_checks": 33,
    "independent_check": "Six key paths independently recomputed with PowerShell decimal; interest, both-party gaps and closing cash match. Standby fee limit independently recomputed; payment-PV arithmetic checked separately.",
    "scope": "Arithmetic and declared scenario boundaries only."
  }
}