Small print.
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notes  issued  prior  to  our  initial  public  offering  may  be  issued  in  $1.0  billion  increments  upon  our  draw 
requests.

To  the  extent  shares  of  our  Class  N  common  stock  cannot  be  issued  upon  conversion  of  the  notes  without 
exceeding Amazon’s ownership cap, the principal amount of such note that could not be converted will be re-
issued as a non-interest-bearing rollover note maturing 10 years from issuance and convertible into shares of 
our Class N common stock at the end of each fiscal quarter, with any unconverted balance payable in cash at 
maturity  or,  at  Amazon’s  election, by  set-off  against  certain  amounts  Amazon  owes  us  under  our  commercial 
agreements.  See  the  section  titled  “—Convertible  Notes—Outstanding  Notes”  for  more  information  on  our 
outstanding notes issued to Amazon. 

In  connection  with  certain  liquidation  transactions,  Amazon  may  elect  to  receive  cash  in  lieu  of  conversion. 
Upon specified events of default, we may be required to repay the outstanding principal amount of notes and 
accrued interest in five equal installments.

Broadcom

The  following  table  summarizes  the  principal  terms  of  the  Infrastructure  Partner  2026  NPA  under  which  we 
may issue, if needed, convertible promissory notes solely to finance quarterly rent obligations under the 2026 
Lease Arrangement. See the section titled “—Contractual Obligations—Infrastructure Equipment Leases.”

Agreement

Original 
Principal 
Amount 
Available for 
Issuance

Remaining 
Principal 
Amount 
Available for 
Issuance(1)

Principal 
Amount 
Outstanding(1)

Interest Rate

Maturity

At IPO

Post-IPO

Conversion Terms

Infrastructure Partner 
2026 NPA(2)

$42.0 
billion

$42.0 
billion(3)

$

— 9.00% per 

annum(4)

N/A(3)

60 months 
from the 
start of the 
draw period 
for the first 
$24.0 
billion of 
notes 
issued, 63 
months for 
amounts 
exceeding 
$24.0 
billion but 
less than 
$32.0 
billion, and 
57 months 
for amounts 
exceeding 
$32.0 
billion

The holder 
may elect to 
convert any 
outstanding 
notes into 
shares of 
our Class N 
common 
stock at a 
conversion 
price equal 
to 90% of 
the 30-day 
trailing 
volume-
weighted 
average 
price of our 
Class A 
common 
stock(4)

______________
(1) As of June 30, 2026.
(2) Broadcom may assign the Infrastructure Partner 2026 NPA to a designated financial partner, subject to our consent (not to be 

unreasonably withheld).

(3) We do not expect any notes to be issued under the Infrastructure Partner 2026 NPA prior to the completion of this offering.
(4)

Interest on the notes is paid in kind by capitalizing accrued interest into principal. Any notes issued during a period in which 
certain revenue performance conditions are not met bear interest at 13.00% per annum and convert at 85%, rather than 90%, 
of the applicable price.

We may issue notes under the Infrastructure Partner 2026 NPA, if needed, through the fifth anniversary of the 
start  of  the  draw  period  (which  has  not  yet  commenced  and  which  will  begin  upon  the  serviceability  of  the 
infrastructure equipment pursuant to the terms of the 2026 Lease Arrangement), subject to earlier termination 
in  certain  circumstances,  solely  to  finance  quarterly  rent  payments  under  the  2026  Lease  Arrangement.  Our 
ability  to  issue  notes  under  the  Infrastructure  Partner  2026  NPA  is  subject  to  various  conditions,  including 
certain revenue growth rate conditions that are significantly below our actual revenue growth rates during all 

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