$63 Billion Financing Supports Anthropic’s AI Computing Deployment
Key Facts
Bank of America, Blackstone, Citi and Morgan Stanley announced $63 billion in financing to deploy AI computing capacity for Anthropic using Broadcom technology, according to the company’s announcement on October 26, 2026. The financing is being executed through a special-purpose vehicle that buys XPU accelerators and networking solutions from Broadcom, then leases the technology to Anthropic. The financial firms provide the announced financing, while Broadcom supplies the technology and supports part of its residual-value risk. Reuters described the deal as one of the largest debt deals linked to building AI capacity. Broadcom’s chief executive said, "The need for AI computing continues to grow at an exceptional pace," adding that the deal confirms capital is available to finance that growth.
The financing is divided into two tranches, according to the roles specified in Broadcom’s announcement. Bank of America, Citi and Morgan Stanley arrange the first, senior tranche. Blackstone serves as the lead provider of financing for the second tranche. This arrangement puts the banks and Blackstone in the role of providing financing, while the special-purpose vehicle sits between buying the technology and leasing it to Anthropic. The deal’s structure makes the use of financing tranches and the lease agreement part of the mechanism for delivering computing capacity to the customer.
Broadcom, in turn, faces potential exposure related to support for the technology’s residual value. The company says this expected exposure peaks at $43 billion and declines linearly to zero over 5 years of lease payments. Broadcom describes this support as not being a direct cash outlay. It also says the probability of it being triggered is low, citing Anthropic’s contractual payments and the possibility of re-leasing or redeploying the technology as layers of protection. The support is therefore tied to the technology’s residual value and the period over which it declines, according to the company’s description of the arrangement.
The deal comes as Anthropic expands its announced computing capacity through Broadcom. In April, Broadcom said Anthropic would begin accessing about 3.5 gigawatts of next-generation TPU-based AI computing capacity in 2027. The company linked this to a multi-gigawatt commitment. In April 2026, Anthropic said its annualized revenue run rate had exceeded $30 billion, compared with about $9 billion at the end of 2025. It also said the number of enterprise customers each spending more than $1 million annually exceeded 1,000 in April, after topping 500 in February.
Anthropic clarified that the customer measure cited refers to annual spending of more than $1 million per company, pointing to growth in its high-spending customer base between February and April 2026. These figures provide commercial context for expanding the computing infrastructure the company leases, without making the financing amount confirmed revenue for Broadcom. Deliveries expected under the current deal are set to begin in calendar year 2027, according to Broadcom. In the market, Broadcom shares closed at $321.68 on October 23, then at $330.04 on October 26, 2026. The deal announcement included no further forecast for the stock’s trajectory or the financing’s effect on revenue.