Banks and Blackstone Assemble $63 Billion Vehicle to Finance Broadcom Chips for Anthropic

Bank of America, Blackstone, Citi and Morgan Stanley said on Monday that they will provide $63 billion of committed financing through a newly formed special purpose vehicle to buy Broadcom AI accelerators and networking equipment for lease to Anthropic, in one of the largest debt packages yet assembled for AI computing capacity.

Bank of America, Blackstone, Citi and Morgan Stanley, acting as the Lead Financial Partners, announced a $63 billion transaction to deploy AI compute capacity using Broadcom technology for Anthropic. The transaction will be executed through a newly formed special purpose vehicle, or SPV, with committed financing from the four firms to purchase Broadcom XPU AI accelerators and networking solutions, which the vehicle will lease to Anthropic. The deal sits inside the strategic compute capacity agreement Broadcom previously announced, and deliveries are expected to start in calendar 2027. That timing distinction matters: Monday's announcement is a financing commitment, not hardware already installed in a data center.

Three banks take the senior debt, Blackstone the second lien

The capital stack has two debt layers. Bank of America, Citi and Morgan Stanley are arranging the first lien portion of the financing, the senior debt that ranks first for repayment. Blackstone is the sole provider of the committed portion of the second lien financing, which ranks below the senior debt. The joint release does not disclose how the $63 billion splits between the two layers. Reuters, citing two sources familiar with the matter, put the first lien loans at about $43.5 billion, or roughly 69% of the total financing, and noted explicitly that the release did not disclose the breakdown. Readers should treat the split as reported, not announced: the only size the four firms have put their names to is the $63 billion total.

Broadcom backstops the value of the senior debt

The most unusual piece is Broadcom's. The chipmaker is providing residual value support to the SPV in an amount equivalent to the first lien portion of the financing. In plain terms, if the accelerators and networking gear the vehicle buys lose value, Broadcom absorbs declines up to that amount. Reuters described the support as effectively providing a significant guarantee in the financing structure, of the kind chipmakers have provided to absorb potential declines in the value of assets such as advanced chips and data infrastructure. That support is what lets lenders underwrite debt secured by specialized AI hardware whose resale value years from now is genuinely uncertain. Broadcom President and Chief Executive Hock Tan said: "Fundamentally, the need for AI compute continues to grow at an extraordinary pace. This validates that there is capital available to finance such growth and that Broadcom is uniquely positioned to enable it." Blackstone President and Chief Operating Officer Jon Gray said the rapidly growing demand for AI is creating an enormous opportunity to finance compute capacity at scale.

A second, larger bet on the same model

This is not the first financing of its kind around Anthropic and Broadcom. Apollo and Blackstone had previously agreed to finance a $35 billion expansion of Anthropic's AI computing capacity under a prior agreement with Broadcom, and Broadcom's backstop in that deal was up to $29 billion, according to a filing cited by Reuters. The new transaction is roughly 1.8 times that size — a calculation from the reported figures — and it repeats the pattern at larger scale: bank and private credit capital funds the hardware, the AI lab leases the capacity, and the chip supplier carries the residual value risk. Moody's described Broadcom as one of the strongest large technology companies, but warned that the risk would increase if several such transactions were undertaken over a short period to meet the funding needs of frontier AI labs, according to Reuters. That caution now has a second data point. The announcement also landed on the same day Anthropic publicly filed for an initial public offering, a separate development TickerGrove covered in its report on the filing.

The advisory roster matches the size

Deals of this size carry a full advisory bench. Kirkland & Ellis is legal counsel to Blackstone. Latham & Watkins is legal counsel to Bank of America, Citi and Morgan Stanley. Sullivan & Cromwell is legal counsel to Broadcom, with Evercore serving as Broadcom's financial advisor. Each financing partner also put a senior name on the structure: Morgan Stanley Co-President Dan Simkowitz called the transaction an important milestone in enabling the next buildout of AI compute capacity, Citi Head of Banking Vis Raghavan said financing AI demands capital solutions at unprecedented scale, and Bank of America Co-President Jim DeMare said the transaction brings together Broadcom's leading technology and significant bank capital to accelerate the buildout of compute capacity.

What remains unknown

The release leaves the economics largely undisclosed. It does not state the interest rates on either lien, the lease payments Anthropic will make, the maturity of the debt, or the split between the first and second liens; the roughly $43.5 billion senior figure rests on Reuters' sourcing, not on the firms' disclosure. It also does not say how much capacity the $63 billion buys, where the equipment will be installed, or on what schedule beyond deliveries starting in calendar 2027. What to watch is specific: any filing that prices the two tranches, Anthropic's compute commitments as its public filing process advances, and whether Broadcom signs further residual value commitments of this kind. The verified record on Monday is narrower and still large: four of the biggest names in finance have committed $63 billion to put Broadcom silicon to work for one AI lab, and Broadcom itself is standing behind the hardware's value.