Broadcom has arranged a $63 billion financing deal with Bank of America, Blackstone, Citigroup, and Morgan Stanley to purchase AI chips and networking equipment that will be leased to Anthropic through a special purpose vehicle1,2.
The stand-alone entity will buy Broadcom's hardware and collect lease payments from Anthropic, with deliveries slated to start in 2027 under a previously announced compute-capacity agreement involving Broadcom. BofA, Citigroup, and Morgan Stanley are arranging first-lien debt, giving them priority repayment if the SPV has to seize and sell the gear. Blackstone is taking the riskier second-lien layer behind them.
A key structural feature is Broadcom's residual-value support: the chipmaker is promising to cover declines in the hardware's resale value up to an amount equal to the first-lien debt, reducing senior lenders' exposure to Anthropic's cash burn.
The deal arrives as Anthropic moves toward a Nasdaq IPO; the company's S-1 showed an $80.7 billion net loss on $16.3 billion in revenue during the first half of 2026[3].
ANALYSIS A $63 billion equipment-lease facility structured off Anthropic's balance sheet could let the company scale compute capacity without loading additional debt onto its own books ahead of a public listing. The residual-value guarantee from Broadcom, meanwhile, shifts hardware-depreciation risk away from the lenders and onto the chip supplier itself, an unusual credit feature that effectively makes Broadcom a backstop for the deal's senior tranche.
The financing is one of several large AI-infrastructure capital raises in the current cycle. Meta separately plans to raise up to $95 billion through equity offerings to fund its own AI buildout[1].