$63 Billion Financing to Buy Computing Equipment for Lease to Anthropic
Key Facts
Bank of America, Blackstone, Citi and Morgan Stanley announced on October 26, 2026, a $63 billion financing transaction to enable the deployment of AI computing capacity for Anthropic using Broadcom technology. Under Broadcom’s statement, a special-purpose vehicle will buy XPU AI accelerators and networking solutions, then lease them to Anthropic. The structure thus finances the purchase of assets that the company will use, while the statement does not describe the amount as a direct loan to Anthropic. Reuters described the transaction as one of the largest debt deals tied to building AI infrastructure. Broadcom Chief Executive Hock Tan said that “the need for AI compute continues to grow at an extraordinary pace,” adding that the deal “underscores the availability of capital to finance this growth.”
The transaction is divided into two tranches, according to the companies’ statement. Bank of America, Citi and Morgan Stanley are arranging the first-lien tranche, while Blackstone is providing the committed portion of the second-lien tranche. Reuters estimated first-lien tranche loans at about $43.5 billion, equivalent to 69% of the total financing, citing two sources familiar with the deal. The companies’ statement did not disclose the tranche’s value, so the estimate is based on sources who spoke to the agency. Broadcom is also providing the special-purpose vehicle with residual value support equal to the value of the first-lien tranche, though the statement gave no further details on the scope of the support or how it would absorb losses.
The deal places Broadcom in two roles within the structure: supplier of the accelerators and networking solutions, and provider of residual value support to the entity buying the equipment. The financial institutions are participating in arranging the first-lien tranche, with Blackstone committed to part of the second tranche. The transaction comes under the strategic compute capacity agreement Broadcom previously announced. It is part of a broader expansion in the sources of computing capacity Anthropic uses, as the company said it distributes workloads across Amazon’s Trainium chips, Google’s TPU units and Nvidia’s GPU processors. It also said the vast majority of the new computing capacity tied to its agreement with Google and Broadcom would be located in the United States.
Anthropic announced an agreement with Google and Broadcom on April 6 to secure several gigawatts of next-generation TPU capacity, saying it expected the capacity to begin operating in 2027. That capacity differs from the description of the new financing deal, which Broadcom linked to the broader strategic compute capacity agreement. In parallel, Anthropic said it had secured up to 5 gigawatts of computing capacity through an agreement with Amazon to train and run Claude. The company committed, according to its announcement, more than $100 billion to Amazon Web Services technologies over the following 10 years. It also said more than 100,000 customers use Claude on the Amazon Bedrock platform, and that it was using more than 1 million Trainium 2 chips to train and run the service.
Broadcom’s results reflect the expansion of its AI-related semiconductor business. Revenue reached $29.6 billion in the third quarter of its 2026 fiscal year, up 86% year over year. AI semiconductor revenue was $16.7 billion in the same quarter, up 221% year over year and 54% from the previous quarter. On September 2, management forecast that revenue from the business would reach $21.7 billion in the fiscal fourth quarter, an expected year-over-year increase of 236%. It also forecast total revenue of about $34.8 billion for the fourth quarter, up 93% year over year.
In a separate development, Anthropic filed a registration statement with the U.S. Securities and Exchange Commission on October 26, 2026, and the SEC accepted it the same day. The filing did not specify the number of Class A shares to be offered or the offering price, and states that the securities may not be sold before the registration statement becomes effective. On the operational front, Anthropic said in April that its annualized revenue run rate had exceeded $30 billion, compared with about $9 billion at the end of 2025. It also announced a commitment to secure up to 5 gigawatts of computing capacity through its agreement with Amazon. Deliveries of equipment financed under the Broadcom deal are expected to begin during calendar year 2027.
Closing data showed Broadcom shares at $329.17 on October 26, compared with $321.68 on October 23. Blackstone shares closed at $119.06 on October 26, versus $117.97 on October 23. These prices compare two consecutive closes on separate trading days, while the evidence provided no explanation for the share moves or proof that the financing announcement alone caused them. Equipment deliveries remain tied to an expected start date in 2027, while the registration documents did not specify the number of shares or the offering price. Anthropic also said that nearly a gigawatt of Trainium 2 and Trainium 3 capacity was expected to begin operating by the end of 2026.