A USD 63 billion financing package announced will fund the deployment of AI compute capacity for Anthropic, using technology from Broadcom Inc.

The arrangement stems from a strategic compute capacity agreement previously announced by Broadcom, with expected deliveries beginning in calendar 2027.

Special Purpose Vehicle and Financing Layers

The deal will run through a newly formed special purpose vehicle, or SPV, backed by committed financing from four lead financial partners: Bank of America, Blackstone, Citi and Morgan Stanley.

Proceeds will support the purchase of Broadcom XPU AI accelerators and networking solutions, which are to be leased to Anthropic.

Bank of America, Citi and Morgan Stanley are arranging the first lien portion of the financing. Blackstone is the sole provider of the committed portion of the second lien financing. Broadcom is providing residual value support to the SPV equal to the amount of the first lien financing.

What the Banks and Broadcom Are Saying

Hock Tan, President and CEO of Broadcom, said the transaction underscores the power of the company's advanced technology and reflects strong conviction in the AI ecosystem.

According to Tan, the need for AI compute continues to grow at an extraordinary pace, and the deal validates that capital is available to finance such growth, with Broadcom uniquely positioned to enable it.

Jim DeMare, co-president of Bank of America, said advancing AI responsibly requires turning ambitious technology plans into tangible compute infrastructure, citing the bank's infrastructure financing expertise, advisory capabilities and broad capital solutions platform. Vis Raghavan, Head of Banking and Executive Vice Chair at Citi, said financing AI demands capital solutions at unprecedented scale. Raghavan said Citi is proud to pioneer innovative structures using its global capital markets structuring and distribution expertise to help accelerate the buildout of critical AI infrastructure.

Dan Simkowitz, Co-President of Morgan Stanley, called the transaction an important milestone in enabling the next buildout of AI compute capacity, saying Morgan Stanley has been at the forefront of designing scalable capital solutions for AI infrastructure.

Jon Gray, President and COO of Blackstone, said the rapidly growing demand for AI is creating an enormous opportunity to finance compute capacity at scale, adding that Blackstone is proud to help advance the buildout with Broadcom.

Legal and Financial Advisors

Kirkland & Ellis LLP is acting as legal counsel to Blackstone.

Latham & Watkins LLP is representing Bank of America, Citi and Morgan Stanley as legal counsel. Sullivan & Cromwell LLP is serving as legal counsel to Broadcom, and Evercore is acting as Broadcom's financial advisor.

The Firms Behind the Deal

Blackstone is the world's largest alternative asset manager, with nearly USD 1.4 trillion in assets under management across real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds.

Bank of America serves more than 69 million clients through approximately 3,500 retail financial centers and approximately 15,000 ATMs, operating across the United States and more than 35 countries and jurisdictions. The bank is the number one small business lender in the United States according to the FDIC.

Citi operates in more than 180 countries and jurisdictions, offering a broad range of financial products and services to corporations, governments, investors, institutions, and individuals.

Morgan Stanley has been at the forefront of innovation in designing scalable capital solutions for AI infrastructure, according to its co-president. Additional information about the transaction is available on the Investors section of Broadcom's website at investors.broadcom.com.