AI Industry

Wall Street Lines Up $63B for Broadcom Chips for Anthropic

Oct 26, 2026·3 min read·By Rahish Saifi

An open black hard case of unbranded gold-and-black AI accelerator chips on a sunlit loading dock beside stacked wooden shipping crates, with the headline "WALL STREET LINES UP $63B", an orange subline "for Broadcom chips leased to Anthropic" and an AIWithRahish badge in the bottom-right corner

On Oct. 26, 2026, Bank of America, Blackstone, Citi and Morgan Stanley—the "Lead Financial Partners" in a Broadcom investor release via PR Newswire—announced a $63 billion transaction to enable deployment of AI compute capacity, leveraging Broadcom technology, for Anthropic. The financing sits inside a strategic compute capacity agreement Broadcom announced earlier. Reuters, via Investing.com, called it one of the largest debt deals tied to the AI buildout. Anthropic, which filed for a Nasdaq IPO under ticker ANT the same week, is lining up leased capacity—not only equity-funded clusters—as it scales Claude.

What was announced

The release describes a $63 billion transaction to deploy AI compute for Anthropic on Broadcom technology, with expected deliveries starting in calendar 2027. Sullivan & Cromwell, counsel to Broadcom, says the structure enables 1.7 gigawatts of AI compute—part of a 3.5 gigawatt compute capacity agreement Broadcom previously announced with Anthropic.

Reuters, citing two sources familiar with the matter, reported first-lien senior debt of about $43.5 billion, or roughly 69% of the total. The release did not disclose the split. The same Reuters story notes Apollo and Blackstone had earlier agreed to finance a $35 billion expansion of Anthropic's compute under a prior Broadcom agreement, where Broadcom's backstop was up to $29 billion per a filing.

How the SPV and lease work

The transaction runs through a newly formed special purpose vehicle (SPV) with committed financing to buy Broadcom XPU AI accelerators and networking solutions leased to Anthropic, per the release. Lenders fund the SPV; the SPV owns the racks; Anthropic pays lease payments for compute access.

The first lien is arranged by Bank of America, Citi and Morgan Stanley. Blackstone is the sole provider of the committed portion of the second lien. That senior-junior split is standard in project finance, but the underlying collateral is frontier AI silicon rather than a toll road or a finished data center.

Broadcom's residual value support

Broadcom provides residual value support (RVS) to the SPV for an amount equivalent to the first-lien portion, the release says. A Broadcom investor presentation details the mechanics.

RVS potential liability is any difference between 72.5% of outstanding lease amounts and the value of AI racks received; peak exposure is expected to be $43 billion and decline to zero. Broadcom states RVS is not a direct cash outlay and, illustratively, amortizes to zero on a straight-line basis over five years of lease payments. The deck cites protections including Anthropic's scale, contractually obligated payments, re-leasing, and collateral value.

Why it matters for Anthropic and AI compute financing

Frontier labs need multi-year compute visibility. A $63 billion lease financing backed by three banks and Blackstone shows lenders will size to Anthropic's demand when Broadcom anchors the hardware stack. For peers, the SPV template offers a path to add gigawatts without funding every accelerator from fresh equity alone—at the cost of vendor backstops such as Broadcom's residual value support.

Reuters' anonymously sourced first-lien figure, if accurate, would put most of the debt in senior tranches, with Blackstone on committed second lien. Rapid chip generations make RVS and re-leasing clauses central to how investors underwrite risk. The deal also highlights Broadcom's push beyond merchant silicon: XPUs plus networking, wrapped in financing engineering that keeps Anthropic as lessee while lenders hold the paper.

What's next: 2027 deliveries

Broadcom expects deliveries starting in calendar 2027, tying this financing to the broader 3.5-gigawatt Anthropic agreement. Until hardware ships, watch SPV funding milestones and how Anthropic's IPO process intersects with long-dated lease obligations. If utilization or resale values diverge from models, the presentation's RVS framework and re-leasing options will be tested in real time. For now, the Oct. 26 announcement locks in committed capital; the buildout clock runs toward 2027 rack deliveries and the next slice of the 3.5-gigawatt roadmap.