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Broadcom

PublicFounded 1961🇺🇸Palo Alto, CaliforniaCEO Hock Tan

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Broadcom Inc. is a Palo Alto semiconductor and infrastructure-software company whose legal lineage runs from Hewlett-Packard's 1961 semiconductor group through Avago Technologies to the 2016 takeover of Broadcom Corporation.

Latest update Oct 27, 2026

01

Overview

Under CEO Hock Tan it is now the leading merchant designer of custom AI accelerators (XPUs) and AI Ethernet silicon for hyperscalers and frontier labs, while VMware, Symantec enterprise security, and mainframe software make up a high-margin infrastructure-software segment. Fiscal 2025 revenue was $63.9 billion (+24%), with AI semiconductor sales of $20.2 billion. The AI ramp then steepened: Q3 FY2026 (ended August 2, 2026) delivered record revenue of $29.6 billion (+86% YoY), including $16.7 billion of AI semiconductors (+221% YoY, +54% QoQ) across six XPU customers. Management raised FY2026 AI semiconductor guidance to $58 billion and said it has secured supply to roughly double that to $115 billion in FY2027 and again to $230 billion in FY2028, with Anthropic on track to become the largest XPU customer in 2027 on Google TPU Ironwood and TPU v8i, OpenAI's Jalapeno inference chip targeting 1.3 GW in 2027, and Google TPU plus networking locked through 2031. Q4 FY2026 is guided to about $34.8 billion of total revenue and $21.7 billion of AI semiconductors. On Oct. 26, 2026 banks announced a $63 billion SPV to buy Broadcom XPU accelerators and networking for lease to Anthropic starting in 2027. The release and investor deck do not split that sum between the first lien and Blackstone's second lien, and they do not say the SPV replaces the up-to-$42 billion convertible-note facility. The deck's expected peak residual-value exposure is $43 billion on an illustrative schedule and is not a direct cash outlay. Meta's Oct. 26 preliminary prospectus says Broadcom, Nvidia and AMD indicated non-binding interest in up to $5.0 billion of Class A shares in aggregate. On Oct. 21 Broadcom launched Arcot Scam Defense as a feature of Arcot. The stock closed September 17, 2026 at $347.30, a market cap of about $1.66 trillion, well below the April 2026 $2 trillion print after several post-earnings selloffs on guidance that beat history but not the most aggressive estimates. Non-AI chips (Apple wireless and RF through 2031, broadband, storage) and VMware remain large, while a March 2026 CISPE complaint keeps EU scrutiny on VMware licensing.

investors.broadcom.comUpdated Oct 27, 2026

02

What's next9

All milestones

  1. 2026

    Start AST Singapore high-volume FC-BGA substrate production for Broadcom XPUs

    TargetLater 2026 / FY2027

    straitstimes.com

  2. H2 2026+

    Convert the $200 billion Samsung MOU into a definitive supply contract

    The July 25, 2026 Samsung memorandum covers HBM4/HBM4E, 2nm-and-below foundry, and advanced packaging through 2030 and is estimated at more than $200 billion. It is an MOU, not a signed purchase contract. Watch conversion to binding wafers, HBM, and packaging capacity, which would diversify Broadcom away from a TSMC-only XPU supply chain.

    cnbc.com

  3. Late 2026

    Tape out OpenAI's next-generation XPU beyond Jalapeno

    On the September 2, 2026 call Tan said Broadcom and OpenAI are deep in development of the successor to Jalapeno and that it is approaching tape-out, with a third generation already in development. Jalapeno itself is on track for 1.3 GW in 2027 and more than 5 GW of Jalapeno plus successor in 2028.

    fool.com

  4. Q4 FY2026

    Deliver Q4 FY2026 AI semiconductor revenue of $21.7 billion

    TargetQ4 FY2026 (ended Nov 1, 2026)

    Hock Tan guided Q4 FY2026 (ended November 1, 2026) AI semiconductor revenue to $21.7 billion, up 236% year over year, and total revenue to about $34.8 billion. That print is the near-term test of whether the Q3 XPU and networking ramp is still accelerating. Watch the mix of XPUs vs AI networking and whether non-GAAP operating margin holds near 66%.

    investors.broadcom.com

  5. May 3, 2027

    Stand up VMware Explore 2027 and the Private AI Cloud stack

    VMware Explore 2027 moves to May 3-6, 2027 at Resorts World Las Vegas. Between now and then the test is whether Private AI Cloud, AI Factory, and AgentMinder turn into production enterprise deployments on VCF 9.1 rather than conference branding, and whether EU review of VMware cloud-provider licensing changes the software growth rate.

    broadcom.com

03

Latest news6

All news

  1. Meta launches about $35 billion in stock offerings

    Meta said on Oct. 26, 2026 that it launched underwritten offerings of about $35 billion: 250 million Series A depositary shares, each a one-twentieth interest in mandatory convertible preferred stock and sized at about $12.5 billion, plus $22.5 billion of Class A shares sold through forward agreements with Morgan Stanley Capital Services and Goldman Sachs. Meta said it expects no cash from the common-stock sale until the forwards settle on or before Nov. 19, 2027, and the preferred dividend and conversion terms are still unset. A further $60 billion Class C at-the-market program has no agreement yet, and Nvidia, AMD and Broadcom have a non-binding interest in up to $5 billion of the Class A shares combined.

    investor.atmeta.com www.cnbc.com + Meta+ Nvidia+ AMD

  2. Banks commit $63 billion to lease Broadcom chips to Anthropic

    Bank of America, Blackstone, Citi and Morgan Stanley said on Oct. 26, 2026 that committed financing will fund a $63 billion vehicle to buy Broadcom XPU accelerators and networking equipment for lease to Anthropic, with deliveries expected to start in 2027. Bank of America, Citi and Morgan Stanley are arranging the first-lien portion, Blackstone is providing the committed second-lien portion, and Broadcom is giving residual-value support equal to the first-lien amount. The companies said the financing is part of a Broadcom compute agreement announced earlier, and they did not publish the split between the two liens.

    www.prnewswire.com + Anthropic

  3. Broadcom may lend Anthropic $42B for TPU infrastructure

    Reuters, citing Anthropic's IPO prospectus, reported on Oct. 1 that Broadcom has agreed to lend Anthropic up to $42 billion to finance infrastructure, with convertible notes that could fund about a third of a $125.2 billion five-year TPU lease. Anthropic said it does not expect notes to be sold before the IPO and warned of potential conflicts from Broadcom acting as both hardware supplier and financier. Broadcom and Anthropic declined comment; a public EDGAR S-1 was not opened for this report.

    www.reuters.com www.cnbc.com + Anthropic

  4. Broadcom-Toppan AST plant opens in Singapore

    Advanced Substrate Technologies, a Broadcom and Toppan Holdings joint venture, said it officially opened Singapore's first high-end FC-BGA substrate factory on September 29. Nikkei reported the Pesawat Drive plant opened months ahead of schedule, with Broadcom's Charlie Kawwas hosting Deputy Prime Minister Gan Kim Yong. The site is Toppan's first FC-BGA factory outside Japan; today's opening is not the same as Broadcom's previously guided FY2027 substrate production ramp.

    www.broadcom.com asia.nikkei.com ast-sg.com

  5. OpenAI's Jalapeno chip beats Nvidia in first benchmarks

    OpenAI and Broadcom presented Jalapeno's first performance results at the Hot Chips conference on August 25, showing 1.5 to 1.9 times higher throughput per kilowatt and up to 3.6 times lower latency than Nvidia's GB200 and GB300 rack systems on the public InferenceX benchmark. TSMC manufactures the chip and Celestica builds the boards and racks, with small-scale deployment planned by the end of 2026 and a larger rollout in 2027.

    OpenAI TechCrunch + OpenAI

04

Products6

05

Key metrics

Employees
approximately 33,000 (as of Nov 2, 2025)
Est. annual revenue
$63.89B in FY2025

(ended Nov 2, 2025, +24% YoY; GAAP net income $23.13B). Q3 FY2026 added $29.59B. Three-quarter FY2026 revenue is already $71.09B; Q4 guided to about $34.8B implies roughly $106B for full FY2026 if the guide holds

Market cap
about $1.66T

(Sep 17, 2026 close; AVGO $347.30). 52-week high $495.00, low $289.96. Hit $2T in April 2026, the sixth company ever to do so

Latest quarterly revenue
$29.59B

(Q3 FY2026, ended Aug 2, 2026, +86% YoY). Q4 guided to about $34.8B (+93% YoY). YTD three-quarter revenue $71.09B

AI semiconductor revenue
$16.7B in Q3 FY2026

(+221% YoY, +54% QoQ; 56% of total revenue). XPU shipments >3.5x YoY and 73% of AI revenue; AI networking >2.5x YoY. Q4 AI guided to $21.7B (+236% YoY). FY2026 AI guided to $58B (+186% YoY)

AI revenue outlook

about $115B in FY2027 and $230B in FY2028, on supply Tan said is already secured; demand 'exceeds' the FY2027 figure. Target to exceed $30 of EPS in FY2028

XPU customers
Six custom-accelerator customers

Named deployments include Google TPU (through 2031), Anthropic (largest XPU customer expected in 2027-2028; 1 GW Ironwood in 2026, 5 GW TPU v8i in 2027, incremental 10 GW in 2028), OpenAI Jalapeno (1.3 GW in 2027; >5 GW Jalapeno plus successor in 2028), and Meta MTIA (through 2029)

Free cash flow
Q3 FY2026 record $13.7B

(46% of revenue); cash and equivalents $24.0B at quarter-end. FY2025 free cash flow $26.9B

Non-GAAP operating margin
about 66% in Q3 FY2026

(non-GAAP operating income $20.1B); Q4 guided to about 66% of projected revenue

R&D
$11B invested in R&D in FY2025

about 74% of the workforce in R&D and operations; about 19,000 patents

Employees

approximately 33,000 worldwide as of November 2, 2025 (FY2025 10-K). About 57% in R&D roles; 49% in North America, 36% Asia, 15% EMEA. Voluntary attrition about 4.1% in FY2025

Market cap (Sept 23, 2026 session)
about $1.69T

(AVGO last $354.99 mid/late session). Prior record used Sept 17 close $347.30 / about $1.66T

Market cap (Sept 29, 2026 close)
about $1.70T

(AVGO close $355.10). 52-week high $495.00, low $289.96.

AST Singapore FC-BGA status
Officially opened Sept 29, 2026

(95,000 sq m; TOPPAN lists 315 staff at end-September). TOPPAN's 30 Sept plant table lists Operation Start December 2026. AST/EDB still target high-value manufacturing by late-2026; Straits Times quotes AST saying high-volume manufacturing begins later in 2026. No named first Broadcom XPU substrate shipment or utilization figure. Tan dated Broadcom substrate deployment to FY2027.

Anthropic convertible-note facility

Up to $42B of convertible promissory notes for compute-lease obligations. Broadcom Q3 FY2026 10-Q Note 10: unnamed customer may issue notes; none issued as of Aug 2, 2026. CNBC/Reuters say Anthropic's prospectus sizes the notes at about a third of a $125.2B five-year TPU lease and flags supplier-lender conflicts. Broadcom did not comment.

06

Operations & revenue

Operating status

Public; $63 billion Anthropic lease financing has no disclosed lien split

On Oct. 26, 2026 Bank of America, Blackstone, Citi and Morgan Stanley announced a $63 billion SPV to buy Broadcom XPU accelerators and networking for lease to Anthropic, with deliveries expected from 2027. The release does not split that amount between the first lien, arranged by Bank of America, Citi and Morgan Stanley, and Blackstone's committed second lien. The investor deck calls Blackstone the anchor provider of second-lien financing. It says residual-value support is the difference between 72.5 percent of outstanding lease amounts and the value of AI racks received, with peak exposure expected at $43 billion under an illustrative schedule, and that the support is not a direct cash outlay. Neither document says this SPV replaces the up-to-$42 billion convertible-note facility. Meta's Oct. 26 preliminary prospectus says Broadcom, Nvidia and AMD indicated non-binding interest in up to $5.0 billion of Class A shares in aggregate.

Revenue streams

  • AI semiconductors (XPUs + AI networking)

    Custom AI accelerators co-designed with hyperscalers and frontier labs (Google TPU, Meta MTIA, OpenAI Jalapeno, Anthropic TPU capacity) plus AI Ethernet switches, NICs, SerDes, and optics. $16.7B in Q3 FY2026 (73% XPU / remainder networking); FY2026 guided to $58B. This is now the company's growth engine and more than half of quarterly sales.

  • Non-AI semiconductors (wireless, broadband, storage)

    RF front-ends, Wi-Fi/Bluetooth, broadband/PON, Fibre Channel and server-storage controllers. Apple is a multi-year wireless and custom-ASIC customer through 2031. Q3 FY2026 non-AI semiconductor revenue was about $4.2B (+5% YoY, flat QoQ), with broadband and storage offsetting weaker wireless.

  • Infrastructure software (VMware, Symantec, CA/mainframe)

    VMware Cloud Foundation and related private-cloud software, Symantec enterprise security, and CA mainframe and enterprise tools. Q3 FY2026 infrastructure-software revenue was $8.75B (+29% YoY), 30% of sales, with VMware sustaining about 15% ARR growth. Gross margins in this segment remain in the low-90s on a non-GAAP basis. EU cloud providers have complained about post-acquisition VMware licensing.

07

Track record

How past announced dates turned out.

3/3announced dates hit on time

  • 3 Hit
  • 0 Slipped
  • 0 Missed
  1. Hit

    Ship OpenAI Jalapeno first-generation units

    Target H2 2026 · Resolved Aug 2, 2026

    On the September 2, 2026 Q3 call, management said first-generation Jalapeno units had shipped in the quarter ended August 2, 2026. Gigawatt-scale deployment (1.3 GW in 2027) remains an upcoming step.

    Original targetOutcome
  2. Hit

    Cross a $2 trillion market cap

    Target 2026 · Resolved Apr 1, 2026

    Broadcom crossed $1 trillion in December 2024 and $2 trillion in April 2026, the sixth company to do so. The stock later gave back a large part of that gain; it closed September 17, 2026 at $347.30, about $1.66 trillion.

    Original targetOutcome
  3. Hit

    Close the VMware acquisition

    Target 2023 · Resolved Nov 22, 2023

    Broadcom completed the cash-and-stock acquisition of VMware on November 22, 2023 after global antitrust review, then moved headquarters to VMware's Palo Alto campus. VMware is now the core of the infrastructure-software segment.

    Original targetOutcome

08

Timeline29

  1. 2026

    1. Launches Arcot Scam Defense

      On Oct. 21, 2026 Broadcom launched Arcot Scam Defense, a feature of Arcot for card-not-present transactions. It is meant to flag social-engineering fraud after a successful 3-D Secure challenge. For one pilot issuer, reviewing the top 1 percent of successful challenges would have protected an estimated $4 million of fraud in a month, at a cost of 0.38 points off the authentication success rate. Broadcom said nearly half a billion dollars of fraud was reported over the prior 12 months on successfully authenticated challenges.

    2. Indicates non-binding interest in Meta's Class A offering

      Meta's preliminary prospectus supplement dated Oct. 26, 2026 says Nvidia, AMD and Broadcom, severally and not jointly, indicated an interest in purchasing up to an aggregate of $5.0 billion of Class A common stock on the same terms as other purchasers. The indications are not binding. Any of the three may buy more, fewer, or no shares. The prospectus does not assign a dollar amount to Broadcom alone.

    3. Investor deck describes residual-value support, not a lien split

      Broadcom's Oct. 26, 2026 investor deck for the $63 billion Anthropic SPV says the first-lien portion is arranged by Bank of America, Citi and Morgan Stanley and that Blackstone is the anchor provider of second-lien financing. It does not state dollar amounts for either lien. Residual-value support is any difference between 72.5 percent of outstanding lease amounts and the value of the AI racks received. Peak exposure is expected to be $43 billion and then decline to zero. The deck says the support is not a direct cash outlay, and a footnote says the schedule is illustrative. The deck does not say the SPV replaces the up-to-$42 billion convertible notes.

    4. Banks commit $63 billion for Anthropic chip leases

      On Oct. 26, 2026 Bank of America, Blackstone, Citi and Morgan Stanley announced committed financing for a $63 billion vehicle to buy Broadcom XPU accelerators and networking for lease to Anthropic, with deliveries expected from 2027. Broadcom is providing residual-value support equal to the first-lien portion. The release does not split the liens.

    5. Agreed to lend Anthropic up to $42B, prospectus says

      Reuters reported Oct. 1, 2026 that Anthropic's IPO prospectus says Broadcom has agreed to lend Anthropic up to $42 billion to finance infrastructure, with convertible notes that could cover about a third of a $125.2 billion five-year TPU lease. Broadcom did not comment. Anthropic is still described as becoming Broadcom's largest compute customer in 2027.

    6. AST Singapore FC-BGA plant officially opens

      Advanced Substrate Technologies, the Broadcom and Toppan Holdings joint venture, announced the official opening of its Singapore factory on September 29, 2026, calling it the first site in the country able to make high-end FC-BGA substrates and Toppan's first such plant outside Japan. Nikkei said the opening was months ahead of schedule and that Broadcom Semiconductor Solutions president Charlie Kawwas hosted Deputy Prime Minister Gan Kim Yong. AST lists the plant at 9 Pesawat Drive. This is a factory opening, not a sourced start of Broadcom's FY2027 substrate production ramp.

    7. FT reports China SASAC survey of Broadcom switches in state data centers

      The Financial Times reported that China's SASAC had surveyed Broadcom switch use in state-backed data centers and that some sites could be as much as 90% Broadcom, with possible later informal guidance to favor domestic vendors. Reuters published the report on September 23 and said it could not independently verify it; Broadcom and SASAC were not immediately reached. This is a reported review, not a ban, and private-cloud hyperscaler demand is a separate question.

    8. Tapes out Tomahawk 7, a 200 Tbps Ethernet switch

      On the September 2 Q3 FY2026 call, Hock Tan said Broadcom had just taped out Tomahawk 7, which he called the industry's first 200 Tbps Ethernet switch, after Tomahawk 6 (102.4 Tbps) already shipping in production volume since March 12, 2026. There is still no standalone Tomahawk 7 product announcement. Secondary reporting has described an unannounced 204.8 Tbps, 400G-SerDes design; that figure is not in the prepared remarks.

09

Funding

$3.1Bdisclosed across 2 rounds with a stated amount

  1. PE buyout (Agilent SPG / Avago formation)

    2005

    $2.66B

    KKR, Silver Lake Partners

  2. IPO (Nasdaq: AVGO)

    Aug 2009

    $400M filed; listed Aug 6, 2009

    Public markets (Nasdaq: AVGO)

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