Banks and Blackstone Line Up $63 Billion to Finance Broadcom AI Chips for Anthropic

Bank of America, Blackstone, Citi and Morgan Stanley will provide $63 billion in financing to buy Broadcom AI chips and networking gear for Anthropic, in one of the largest debt deals tied to the AI buildout.

The money will not go directly to Anthropic as a simple loan. The transaction will be carried out through a newly formed special purpose vehicle that will purchase Broadcom AI accelerators and networking equipment and lease them to Anthropic, the maker of Claude. Deliveries of the equipment are expected from 2027.

How the $63 billion is structured

The size of the first lien loans or senior debt is about $43.5 billion, or 69 percent of the total financing, according to two sources familiar with the matter. Blackstone will provide the committed portion of the second lien financing, while Bank of America, Citigroup and Morgan Stanley are arranging the first lien financing.

Broadcom is providing residual value support to lenders, effectively a significant guarantee in the financing structure, corresponding to the first lien financing. That support matters because the lenders are funding hardware whose value has to hold up over the life of the lease. If the equipment is worth less than expected at the end, Broadcom's support is part of how the first lien lenders are protected.

The deal follows Anthropic's IPO filing

The financing was announced on Monday, October 26, the same day Anthropic filed for a potentially record breaking IPO. Its S-1 detailed a five year equipment lease agreement with Broadcom involving approximately $125.2 billion in payments excluding interest. The $63 billion financing sits inside that wider picture. It is the funding that helps pay for the Broadcom equipment Anthropic has committed to lease.

Four institutions announced the $63 billion deal on October 26, 2026 to finance computing equipment for Anthropic, with deliveries expected to begin in 2027, as part of a computing capacity agreement previously announced by Broadcom. In other words, the capacity agreement came first, the lease terms were set out in the IPO filing, and the bank financing is the step that pays for the hardware.

Broadcom shares climb

Investors reacted to the financing by buying Broadcom. Broadcom shares climbed 3.79 percent to $341.66 at 9:55 a.m. ET on Tuesday, October 27, as the financing arrangement put its AI business in focus.

Analysts moved the same day. D.A. Davidson upgraded Broadcom to Buy on Tuesday, raising its price target to $400 from $350, after the Anthropic IPO filing. The upgrade and the share move point to the same reading of the deal. A financed order of this size makes Broadcom's AI revenue less of a promise and more of a funded plan, with banks, Blackstone and Broadcom itself sharing parts of the risk.

For Anthropic, the test starts when deliveries begin in 2027. The company will be leasing equipment paid for by one of the largest AI debt deals yet announced, and the lease payments detailed in its filing run to approximately $125.2 billion over five years excluding interest. That is the scale of computing Anthropic has committed to as it heads toward a public listing.