Bank of America, Blackstone, Citi and Morgan Stanley have lined up $63 billion to finance Broadcom AI chips and networking equipment for Anthropic, the four firms and Broadcom announced on October 26. A newly formed special purpose vehicle will buy Broadcom XPU AI accelerators and networking gear and lease them to Anthropic.
The financing is part of a strategic compute capacity agreement Broadcom announced earlier, with deliveries expected to begin in calendar 2027. Anthropic gets the hardware through a lease rather than buying it outright, and the debt sits in the special purpose vehicle.
Bank of America, Citi and Morgan Stanley are arranging the first-lien portion of the debt. Blackstone is the sole provider of the committed portion of the second-lien financing.
Key facts
- 01Bank of America, Blackstone, Citi and Morgan Stanley announced a $63 billion financing for Anthropic's Broadcom compute on October 26, 2026.
- 02A new special purpose vehicle will buy Broadcom XPU accelerators and networking gear and lease them to Anthropic.
- 03Broadcom provides residual value support to the vehicle equal to the first-lien portion of the debt.
- 04Deliveries are expected to start in calendar 2027 under a compute capacity agreement Broadcom announced earlier.
- 05Apollo and Blackstone previously agreed to finance a $35 billion expansion of Anthropic's computing capacity.
Broadcom is providing residual value support to the vehicle equal to the first-lien portion, meaning it agrees to absorb declines in the equipment's value up to the amount of that senior debt. The announcement did not disclose how large the first-lien tranche is. Broadcom President and CEO Hock Tan tied the deal to the company's confidence in its own hardware and in the AI market.
“Today's transaction underscores the power of our advanced technology and our strong conviction in the AI ecosystem.”— Hock Tan, President and CEO of Broadcom
Blackstone President and COO Jon Gray framed the deal as a financing opportunity created by demand for compute. Executives from Morgan Stanley, Citi and Bank of America also commented on the role of the financing in scaling AI infrastructure.
“The rapidly growing demand for AI is creating an enormous opportunity to finance compute capacity at scale.”— Jon Gray, President and COO of Blackstone
The new package sits alongside an earlier arrangement in which Apollo and Blackstone agreed to finance a $35 billion expansion of Anthropic's AI computing capacity under a previous Broadcom agreement.
Kirkland & Ellis is legal counsel to Blackstone, and Latham & Watkins is counsel to Bank of America, Citi and Morgan Stanley. Sullivan & Cromwell is counsel to Broadcom, with Evercore acting as Broadcom's financial adviser.
The announcement landed the same day Anthropic made its IPO filing public, with plans to list on Nasdaq under the ticker ANT. Broadcom shares rose about 0.6% in after-hours trading following the news.
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