$63 Billion Financing Enables Anthropic to Lease Broadcom Accelerators
Key Facts
Bank of America, Blackstone, Citi and Morgan Stanley announced a $63 billion financing transaction on October 26, 2026, to provide computing capacity to Anthropic using Broadcom technology, according to a company statement. The structure finances the purchase of AI equipment for lease to Anthropic. A special-purpose vehicle will buy Broadcom XPU accelerators and networking solutions, then make them available to the company under lease agreements. Broadcom Chief Executive Hock Tan said, "The need for AI compute continues to grow at an extraordinary pace." He added that the deal "underscores the availability of capital to fund this growth."
The banks and alternative investment firm have different financing roles, according to Broadcom’s statement. Bank of America, Citi and Morgan Stanley are arranging the first-lien tranche, while Blackstone alone is providing the committed portion of the second-lien financing. The official statement did not detail the value of each tranche or how the financing is allocated among them. Broadcom is providing the special-purpose vehicle with residual-value support equal to the value of the first-lien tranche. The arrangement combines equipment purchase financing and supply, while assigning part of the residual-value risk to the supplier.
The deal comes as Anthropic expands its commercial business and increases its need for computing infrastructure. The company said in April 2026 that its annualized revenue run rate had surpassed $30 billion, up from about $9 billion at the end of 2025. The number of enterprise customers each spending more than $1 million annually also rose from more than 500 in February to more than 1,000 in April. These indicators link commercial expansion to rising demand for computing capacity, though they do not by themselves determine how much capacity the company will need. Anthropic said the vast majority of new computing capacity will be located in the United States.
Anthropic previously announced an agreement on April 6 with Google and Broadcom to secure several gigawatts of next-generation TPU capacity. The company said at the time that it expected that capacity to begin coming online starting in 2027. The financing statement says the new deal is part of the strategic computing-capacity agreement Broadcom had previously announced, without limiting it to the TPU agreement alone. Equipment deliveries tied to the financing are scheduled to begin in calendar year 2027. That timing places the deal within a wave of computing expansion that Anthropic said would largely take place in the United States.
Broadcom’s growing AI business reflects the scale of activity the deal aims to support. The company reported revenue of $29.6 billion in the third quarter of its fiscal 2026, up 86% year over year. AI semiconductor revenue was $16.7 billion in the same quarter, up 221% year over year and 54% quarter over quarter. The company forecast that revenue from this business would reach $21.7 billion in the fourth quarter, a projected annual increase of 236%. The results provide financial context for Broadcom’s expansion in supplying computing equipment, alongside its role in supporting the value of the financed assets.
Reuters, citing two people familiar with the matter, reported that the first-lien or senior debt loans total about $43.5 billion, while the deal statement did not publish a loan allocation. The agency described the transaction as one of the largest debt deals tied to AI expansion. In trading, Broadcom shares closed at $329.17 on October 26, compared with a close of $321.68 on October 23. Blackstone shares closed at $119.06 on the day of the announcement. Equipment deliveries are expected to begin in calendar year 2027, according to Broadcom’s statement.