WSJ: Anthropic’s $63B chip financing closed only after Broadcom CEO Hock Tan negotiated with bank executives over a weekend and agreed to higher interest rates on the loans.

Anthropic needed $63B to lease chips it can’t afford to buy outright, so a shell company borrowed that money from banks and Blackstone, will buy the chips, and will repay the loans from Anthropic’s rent payments.

Because lenders were nervous about lending against a startup alone, Broadcom (which sells the chips) promised to cover most of the loans if Anthropic stops paying, and agreed to higher interest rates to get the deal signed.