Bank of America, Blackstone, Citi and Morgan Stanley to Set Up SPV, Providing $63 Billion in Financing for Anthropic's Broadcom Chip Purchases

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Several major Wall Street banks jointly arrange an SPV to provide a bridge for Anthropic's purchase of Broadcom chips

Cailian Press Ma Lan Editor Lin Qi 2026-10-27 15:12

① It is reported that Bank of America, Blackstone Group, Citigroup and Morgan Stanley will provide $63 billion in financing to set up an SPV to purchase Broadcom's AI chips and networking equipment and lease them long-term to Anthropic; ② This arrangement means Anthropic does not need to directly purchase the hardware; ③ Broadcom is also committed in the transaction to guaranteeing the residual value of the hardware, with a guarantee amount of up to $29 billion.

Cailian Press, October 27 (Editor Ma Lan) Wall Street is providing further financing to Anthropic. It is reported that Bank of America, Blackstone Group, Citigroup and Morgan Stanley will provide $63 billion in financing for Anthropic to acquire Broadcom's AI chips and networking equipment.

This is one of the largest debt transactions currently related to artificial intelligence infrastructure, highlighting the increasingly important bridging role of banks and alternative asset managers in the AI expansion.

The core of the deal is the establishment of a new special purpose vehicle (SPV), which will purchase custom AI chips and networking equipment from Broadcom, with delivery expected in 2027. The SPV will then lease the entire hardware package to Anthropic on a long-term basis, with the resulting rent becoming the SPV's cash flow to repay the debt.

Such operations avoid AI companies directly bearing the financing risks associated with chip assets. On Anthropic's balance sheet, it only needs to record a lease obligation, without directly recording the $63 billion equipment loan.

Financing structure

Anthropic submitted a prospectus on Monday. Although its disclosed losses and AI model safety issues may test market confidence in the company, its unwavering determination to go public still boosted investor sentiment.

According to people familiar with the matter, of the financing provided by the Wall Street banking syndicate for the Anthropic and Broadcom transaction, senior secured loans or senior debt amount to about $43.5 billion, accounting for 69% of the total financing. This portion of the financing is provided by Bank of America, Citigroup and Morgan Stanley, and the banks will subsequently distribute about half of it to the investment-grade bond market, thereby diversifying risk.

The subordinated secured loan is mainly provided by Blackstone, which has committed about $18 billion, half of which comes from its own funds and the rest raised through a syndicate.

At the same time, Broadcom provides residual value support for the equipment to the lenders providing the senior secured loans or senior debt, effectively providing important guarantees for the financing structure.

Simply put, this arrangement means that if chip values fall in the future and disposal proceeds are insufficient to repay the senior debt, Broadcom will make up the difference as agreed. The senior bonds will therefore also "piggyback" on Broadcom's investment-grade rating, greatly reducing financing costs.

Broadcom said in a filing that its guarantee amount in the transaction is up to $29 billion.

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Cailian Press statement: The content of this article is for reference only and does not constitute investment advice. Investors who act on it do so at their own risk.

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