Bank of America, Blackstone, Citi and Morgan Stanley will provide $63 billion in financing to buy Broadcom’s AI chips and networking gear for Anthropic, Reuters reported on October 26. A newly formed special purpose vehicle will purchase the accelerators and networking equipment and lease them to the Claude maker, with deliveries expected to begin in 2027. The deal ranks among the largest debt deals tied to the AI buildout, and it landed on the same day Anthropic publicly filed for its stock market listing.
How The $63 Billion Deal Is Structured
Bank of America, Citi and Morgan Stanley are arranging the first-lien financing for the transaction. Blackstone will provide the committed portion of the second-lien financing, according to the companies.
Broadcom is providing “residual value support” to senior debt lenders. In practice, that is a guarantee: Broadcom agrees to absorb potential declines in the value of the assets up to an amount equal to the first-lien debt. The release did not disclose the size of that first-lien debt.
The vehicle, not Anthropic directly, will own the purchased equipment and lease it to the company. Reuters notes that rising AI demand is driving massive investment in computing infrastructure as technology companies race to secure capacity for increasingly complex workloads.
The lien structure sets the order in which lenders are repaid. First-lien lenders rank ahead of second-lien lenders, so Bank of America, Citi and Morgan Stanley sit ahead of Blackstone’s committed second-lien portion in the repayment order. Broadcom’s residual value support then sits in front of the senior lenders: if the equipment loses value, Broadcom absorbs the decline up to the first-lien amount before those lenders take a loss.
Deliveries Begin In 2027 Under Earlier Capacity Pact
Deliveries are expected to begin in 2027 as part of a previously announced strategic compute capacity agreement involving Broadcom, the companies said.
The new deal is separate from an earlier agreement in which Apollo and Blackstone agreed to finance a $35 billion expansion of Anthropic’s AI computing capacity with Broadcom. That earlier agreement remains distinct from the $63 billion financing announced on October 26, and the two should not be added together as one deal.
Why It Matters
The $63 billion financing puts banks and alternative asset managers at the centre of AI infrastructure funding. Anthropic gains access to Broadcom hardware through a lease, while the lenders fund the purchase and Broadcom backstops part of the value risk. Reuters describes the deal as highlighting the growing role of banks and alternative asset managers in financing the infrastructure needed to support rising demand for AI computing capacity.
The timing matters too. The financing arrived on the same day Anthropic opened its books to public investors, so lenders committed the money while the market was absorbing the company’s first-half revenue, losses and risk disclosures. If deliveries proceed as planned, Anthropic will receive Broadcom hardware through a lease, beginning in 2027, rather than buying it outright.
For Broadcom, the deal turns its accelerators and networking gear into leased capacity for a named buyer. The vehicle buys Broadcom hardware, Broadcom guarantees part of its residual value, and Anthropic takes the equipment on lease — a chain that ties the chipmaker, the lenders and the lab to the same assets.
Background
Anthropic was founded in 2021 by former OpenAI researchers and built its business on the Claude model family. It publicly filed its S-1 on October 26 to list on Nasdaq under the symbol ANT, and it has committed 5% of its shares to a public benefit fund. Its public filing showed about $16.3 billion of first-half 2026 revenue against a net loss of $80.7 billion, most of it a non-cash rise in the value of convertible bonds. Broadcom’s role as a hardware partner has grown alongside Anthropic’s capacity needs, and the new financing extends that partnership into a leasing arrangement.
Source: Reuters: Broadcom chips financing
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