Broadcom to Supply $63 Billion in XPU and AI Equipment to Anthropic via SPV
Broadcom to Supply $63 Billion in XPUs and AI Equipment for Anthropic
Bank of America, Blackstone, Citigroup and Morgan Stanley announced a $63 billion deal to purchase Broadcom's XPU-based AI accelerators and networking equipment through a newly established SPV and lease them to Anthropic, with equipment deliveries beginning in 2027. Broadcom will provide a residual value guarantee on the collateralized equipment up to the amount of the first-lien loan; if a decline in resale value leaves the SPV unable to repay the first-lien debt, Broadcom will cover the shortfall. Broadcom CEO Hock Tan said the deal reflects the standing of advanced technology and confidence in the AI ecosystem.
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This $63 billion deal uses an SPV leasing structure with a Broadcom residual value guarantee, presenting a new arrangement for AI compute financing.
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Broadcom will supply computing processing units (XPUs) to Anthropic through a special purpose vehicle (SPV) established by global financial institutions.
Under the arrangement, financial institutions will purchase chips and lease them to Anthropic, while Broadcom will guarantee the value of the chips.
Bank of America, Blackstone, Citi and Morgan Stanley announced a $63 billion transaction on Oct. 26 local time to provide AI computing resources to Anthropic. A newly established SPV will purchase Broadcom’s XPU-based AI accelerators and networking equipment and lease them to Anthropic. The four financial institutions will provide loans to the SPV, secured by the Broadcom products it purchases. Equipment deliveries will begin in 2027.
Bank of America, Citi and Morgan Stanley will hold first-priority security interests. If the SPV encounters financial difficulties, they will have the first claim on proceeds from asset sales to recover their principal. Blackstone will be the sole holder of a second-priority security interest. Second-lien lenders typically receive higher interest rates than first-lien lenders in exchange for lower repayment priority.
Broadcom will guarantee the residual value of the collateralized equipment up to the amount of the first-lien loans. If the resale value of AI accelerators declines and the SPV cannot fully repay its first-lien debt, Broadcom will cover the shortfall. The arrangement is designed to reduce the risk of losses for first-lien lenders.
“This transaction demonstrates the standing of advanced technology and strong confidence in the AI ecosystem,” said Hock Tan, president and chief executive officer of Broadcom. “Underlying demand for AI computing is growing at a tremendous pace, and there is sufficient capital to support this growth.”