Banks and Blackstone Line Up $63 Billion to Finance Broadcom AI Chips for Anthropic
Bank of America, Blackstone, Citi and Morgan Stanley have announced a $63 billion transaction to finance AI compute capacity built on Broadcom technology for Anthropic. The deal is part of a strategic compute capacity agreement previously announced by Broadcom, with deliveries expected to start in calendar 2027.
- Bank of America, Blackstone, Citi and Morgan Stanley announced a $63 billion transaction to finance AI compute capacity for Anthropic using Broadcom technology.
- A new SPV will buy Broadcom XPU AI accelerators and networking solutions and lease them to Anthropic.
- Bank of America, Citi and Morgan Stanley arrange the first lien portion; Blackstone is sole provider of the committed second lien portion.
- Broadcom provides residual value support to the SPV equal to the first lien amount.
- Expected deliveries start in calendar 2027.
How the $63 billion structure works
The four institutions, which the announcement calls the "Lead Financial Partners", will carry out the transaction through a newly formed special purpose vehicle (SPV). Committed financing from the Lead Financial Partners will support the SPV's purchase of Broadcom XPU AI accelerators and networking solutions. The SPV will then lease that hardware to Anthropic.
The financing is split into two layers. Bank of America, Citi and Morgan Stanley are arranging the first lien portion. Blackstone is the sole provider of the committed portion of the second lien financing. Broadcom is providing residual value support to the SPV for an amount equivalent to the first lien portion.
What the participants said
Blackstone's Jon Gray, President and COO, said the "rapidly growing demand for AI is creating an enormous opportunity to finance compute capacity at scale."
Morgan Stanley Co-President Dan Simkowitz called the deal "an important milestone in enabling the next buildout of AI compute capacity." Citi's Vis Raghavan, Head of Banking and Executive Vice Chair, said financing AI "demands capital solutions at unprecedented scale." Bank of America Co-President Jim DeMare said the transaction brings together Broadcom's technology and significant bank capital to accelerate the buildout of compute capacity.
Broadcom President and CEO Hock Tan said the transaction "validates that there is capital available to finance such growth and that Broadcom is uniquely positioned to enable it." He added that the need for AI compute continues to grow at an extraordinary pace.
Advisers and further details
Kirkland & Ellis LLP is legal counsel to Blackstone. Latham & Watkins LLP advises Bank of America, Citi and Morgan Stanley. Sullivan & Cromwell LLP is legal counsel to Broadcom, with Evercore as financial advisor. Additional information is available in the Investors section of Broadcom's website.
Broadcom's forward-looking statements note that the timing of the compute deployment and the use of the SPV are subject to risks and uncertainties, so actual results may differ materially from expectations.
What it means for the AI buildout
The announcement shows how large AI hardware purchases are being funded through structured financing rather than directly by the end user. Under this arrangement, Anthropic leases the accelerators and networking equipment instead of buying them, while banks and an alternative asset manager supply the capital. The companies describe the deal as evidence of deep collaboration between the AI technology and financial sectors.
The source does not give lease terms, pricing, or the volume of hardware involved. It only states that deliveries are expected to begin in calendar 2027.
