Broadcom Inc. disclosed a record‑size AI backlog of $73 billion on February 19 2026, driven by new orders from hyperscalers such as Google and Anthropic. The backlog reflects the company’s growing share of the AI infrastructure market and its ability to lock in long‑term contracts with leading cloud providers.
The $73 billion backlog is largely concentrated in custom AI accelerators and networking products. Anthropic alone accounts for $21 billion of the backlog, comprising a $10 billion order announced in September 2025 and an additional $11 billion order in Q4 2025. Google’s involvement is tied to the supply of Google‑designed TPU v7p chips that Anthropic uses, underscoring Broadcom’s role in the broader AI supply chain.
Compared with prior periods, the backlog has expanded dramatically. In Q4 2025 Broadcom reported an AI‑related backlog of roughly $45 billion, so the February 2026 figure represents a 62% year‑over‑year increase and the largest single‑quarter jump in the company’s history. This growth aligns with the company’s AI semiconductor revenue, which rose 63% to $5.2 billion in Q3 2025 and is projected to reach $6.2 billion in Q4 2025.
The record backlog provides Broadcom with substantial revenue visibility for the next 18 months, reinforcing its dual‑moat strategy that pairs high‑growth AI chips with high‑margin software and networking solutions. Management highlighted that the backlog “provides significant revenue visibility for the coming quarters,” a sentiment echoed by analysts who noted that the backlog exceeds consensus estimates for the next six quarters. The backlog also supports Broadcom’s guidance for continued AI revenue acceleration, with the company projecting AI semiconductor revenue to double year‑over‑year to $8.2 billion in the next quarter.
President and CEO Hock Tan emphasized the momentum behind the backlog, noting that “we have never seen bookings of the nature that what we have seen over the past three months.” Charlie Kawwas, President of the Semiconductor Solutions Group, added that the partnership with OpenAI “continues to set new industry benchmarks for the design and deployment of open, scalable and power‑efficient AI clusters,” highlighting the strategic depth of Broadcom’s AI portfolio.
Analysts responded positively to the backlog announcement. BofA Securities remarked that the $73 billion backlog over the next six quarters was higher than consensus estimates, reinforcing confidence in Broadcom’s AI trajectory. The market reaction was driven by the scale of the backlog, the diversification of customers, and the company’s ability to combine AI hardware with networking and software solutions.
Broadcom’s record backlog positions it competitively against other AI‑chip leaders such as NVIDIA, AMD, and Intel. While NVIDIA and AMD focus primarily on GPU‑based solutions, Broadcom’s custom XPUs and integrated networking products offer a differentiated approach that appeals to hyperscalers seeking end‑to‑end AI infrastructure. The backlog underscores Broadcom’s strategic advantage in delivering both hardware and software components, strengthening its foothold in the rapidly expanding AI market.
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