Bank of America, Citi, Morgan Stanley and Blackstone announced a $63 billion transaction to finance AI-compute capacity built with Broadcom technology for Anthropic. The structure uses a newly formed special-purpose vehicle that will purchase Broadcom XPU accelerators and networking systems and lease them to Anthropic, with deliveries expected to begin in 2027.
Debt and asset financing, not a venture round
The amount should not be read as cash raised by Anthropic. The SPV is the financed buyer of equipment: Bank of America, Citi and Morgan Stanley are arranging the first-lien portion, while Blackstone is the sole provider of the committed second-lien portion. Broadcom is providing residual-value support equal to the first-lien amount.
The partners did not disclose the split between the two debt layers, interest rates, lease terms or deployment sites. They describe committed financing, but the assets will be acquired and delivered over time, so the announced figure is neither money already spent nor immediate operating capacity.
AI infrastructure is becoming a structured-finance market
The deal separates ownership of the hardware from its use, allowing institutional capital to fund accelerators and networking while Anthropic consumes the resulting capacity through leases. That model can distribute risk across banks, private credit, the equipment supplier and the customer instead of placing the entire capital burden on a model developer.
At $63 billion, the structure is large enough to show that custom AI silicon is attracting financing on the scale of major energy and infrastructure projects. Execution still depends on hardware delivery, data-center readiness and Anthropic's long-term demand; the primary sources announce the structure but do not prove that all capacity will be deployed on schedule.