$63B financing to buy Broadcom chips for Anthropic

Bank of America (BAC), Blackstone, Citi (C) and Morgan Stanley (MS) have established a $63 billion financing structure to support the deployment of artificial intelligence compute capacity using Broadcom technology. The transaction is one of the largest debt deals tied to the AI buildout, and Broadcom described it as a "landmark" financing structure for large-scale AI infrastructure.

The financing is aimed at turning technology investment plans into tangible compute infrastructure by mobilizing significant institutional capital alongside Broadcom’s hardware capabilities. Participants emphasize that the arrangement is intended to accelerate the buildout of compute capacity needed for the next wave of AI innovation.

Under the pact, the $63 billion in committed financing will be used to purchase Broadcom’s AI chips and networking gear for AI model developer Anthropic PBC. The equipment purchases will be executed through a newly created special purpose vehicle that will acquire Broadcom chips and then lease them to Anthropic.

This structure enables Anthropic to access large amounts of AI compute hardware without directly owning all of the assets on its balance sheet, while providing a defined channel for Broadcom’s technology to be deployed into AI data center environments at scale.

Broadcom is backstopping a portion of the overall financing through residual value support, sharing some of the long-term asset value risk associated with the AI hardware being financed. The banks and Blackstone are providing committed capital to the special purpose vehicle, combining bank balance sheets and institutional investment with Broadcom’s technology offering.

The participants highlight that the deal draws on infrastructure financing expertise, advisory capabilities and broad capital solutions platforms to create an innovative structure for AI compute investment. Legal counsel includes Kirkland & Ellis for Blackstone and Sullivan & Cromwell for Broadcom, with Evercore acting as financial advisor to Broadcom.

The transaction positions Broadcom’s AI chips and networking gear at the center of a multibillion-dollar funding vehicle dedicated to Anthropic’s compute needs. By combining long-term committed financing with a leasing model, the structure is designed to channel large-scale capital into AI infrastructure while aligning interests among technology provider, capital providers and end user.

With its size and dedicated focus on AI compute capacity, the $63 billion arrangement underscores the scale of funding now being directed toward AI model development and deployment, and highlights the role of structured financing vehicles in supporting that growth.