Banking Consortium and Blackstone Announce $63 Billion Financing for Anthropic Compute
Key Facts
Bank of America, Blackstone, Citi and Morgan Stanley announced a $63 billion financing deal on October 26, 2026, to deploy AI computing capacity for Anthropic using Broadcom technology, according to a Broadcom statement. The announcement puts the banks and the asset manager at the center of financing infrastructure directly linked to both the chip supplier and its user. “Rapidly growing demand for AI is creating an enormous opportunity to finance computing capacity at scale,” said Jon Gray, Blackstone’s president and chief operating officer. The deal was announced as a financing arrangement; the statement says it will be carried out through a special purpose vehicle, without describing it as already closed. Deliveries are expected to begin in 2027, according to Broadcom.
The parties will establish a special purpose vehicle to buy Broadcom XPU AI accelerators and networking solutions, then lease the equipment to Anthropic. Under this structure, the funds go toward acquiring the assets that will support computing capacity, while Anthropic uses them under a lease. Bank of America, Citi and Morgan Stanley are arranging the first-lien financing tranche, while Blackstone alone is providing the committed portion of the second tranche, according to Broadcom’s statement. This allocation gives the three banks the role of arranging the first tranche and puts Blackstone in the position of sole funder of the committed portion of the second tranche. The statement does not specify the value of each tranche separately in the details provided here.
Broadcom is providing residual value support to the special purpose vehicle in an amount equal to the first-lien financing tranche, according to the statement. This support links the equipment supplier to the value of the remaining assets within the financing structure, while the company’s description is limited to this tranche. The disclosure does not say that Broadcom guarantees the future value of all its chips; it specifies support for the special purpose vehicle equal to the size of the first-lien tranche. The financing arrangement comes as Anthropic expands spending on computing capacity and infrastructure. Its disclosures show that computing and infrastructure expenses reached $8.945 billion in the first half of 2026, compared with $2.334 billion in the corresponding period of 2025, an increase of 283%.
Anthropic reported revenue of $16.286 billion in the first half of 2026, compared with $1.163 billion in the first half of 2025, an increase of 1300%, according to its filing with the U.S. Securities and Exchange Commission. The Associated Press reported that revenue exceeded $16 billion in the first half, or 14 times the same period a year earlier. By contrast, the company recorded a net loss of $80.7 billion in the first half of 2026, according to the news agency, including a one-time accounting charge of $72.4 billion related to financing agreements. Anthropic had incurred a loss of $13 billion in the first half of 2025, according to the same report. These figures place revenue growth alongside large losses and an exceptional accounting item, as the company expands its financing of computing and infrastructure.
Future non-cancellable lease commitments reveal the scale of the expansion surrounding Anthropic’s infrastructure needs. These commitments, most of which are tied to computing capacity and infrastructure, rose from $50.2 billion at the end of 2025 to $321.4 billion on June 30, 2026, according to the company’s disclosure. The announced financing adds a new route for acquiring Broadcom equipment and leasing it to the company, amid rapidly growing future lease commitments. On October 26, 2026, Anthropic filed an “S-1” registration statement with the U.S. Securities and Exchange Commission and applied to list its Class A shares on the Nasdaq Global Select Market under the ticker “ANT.” The Associated Press said the size of the final offering, the company’s valuation and its price had not been determined when its report was published, making the filing an initial step in a listing process whose final terms remain unclear.
In trading on October 28, 2026, Blackstone shares closed at $117.06, Broadcom at $351.81 and Bank of America at $50.85, according to EL7 data. These prices provide a snapshot of the closing share prices of the three stocks directly linked to the parties to the deal, two days after its announcement. EL7’s available data do not include closing prices for the other banking parties, so the market snapshot here is limited to the three stocks listed. Deliveries of Broadcom equipment are scheduled to begin in 2027, as part of a broader agreement on computing capacity previously announced by the company. The financing’s execution remains tied to the special purpose vehicle structure, the arrangement of the two tranches and the specified residual value support.