$63 Billion Financing Enables Anthropic to Deploy Computing Capacity Using Broadcom Technology

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 Morgan Stanley statement. The financing is intended to enable the company to deploy computing capacity through a deal structured around buying and leasing equipment rather than providing financing directly to Anthropic. The deal will create a special-purpose vehicle to purchase Broadcom XPU accelerators and networking solutions and lease them to Anthropic. This structure puts computing equipment at the center of the financing, with roles divided between the banks and the alternative investment firm. The announcement comes as Anthropic expands arrangements to secure computing capacity for running its models.

Bank of America, Citi and Morgan Stanley are arranging the first-tranche financing, while Blackstone is the sole provider of the committed portion of the second-tranche financing, according to the statement. The companies' statement did not specify the allocation of the loans or the size of each tranche. Reuters, citing two people familiar with the matter, estimated the first tranche at about $43.5 billion, equivalent to 69% of the total financing. That estimate suggests most of the package falls under senior financing, while the announced portion of the second tranche remains tied to Blackstone's commitment. The division of roles distinguishes the banks' arrangement of the loans from Blackstone's provision of the committed portion of the second tranche.

The structure includes support from Broadcom for the special-purpose vehicle's residual value, in an amount equal to the value of the first tranche, according to Morgan Stanley's statement. Reuters said the support backs lenders in the first tranche and described its effect as a large guarantee within the financing structure. The arrangement ties part of the protection for asset value to the ability of the purchased equipment to retain residual value. In an earlier $35 billion deal to finance Anthropic's computing expansion, Broadcom's support reached as much as $29 billion, according to a disclosure cited by Reuters. That earlier deal provides context for Broadcom's role in financing arrangements for computing infrastructure linked to Anthropic.

In Tuesday trading following the deal's announcement, Broadcom shares rose 4%, and the Associated Press said the stock's gain came after the announcement of the $63 billion financing. The S&P 500 rose 0.6% in the same session, while the Nasdaq composite advanced 1.2%, according to the agency. AP linked the indexes' gains to advances in AI stocks. The moves put the shares' and indexes' response in the context of the session after the announcement, alongside the rally in AI companies described by the agency. The market response at the time coincided with investor interest in financing and expanding computing capacity.

Anthropic previously announced on April 6, 2026, an agreement with Google and Broadcom to provide several gigawatts of next-generation computing capacity, saying it was expected to come online starting in 2027 to serve its Claude models. In the same announcement, the company said its annualized revenue run rate exceeded $30 billion in April 2026, up from about $9 billion at the end of 2025. Reuters also reported that Apollo and Blackstone had agreed to finance a previous $35 billion expansion of Anthropic's computing capacity under an earlier agreement with Broadcom. These earlier arrangements provide background to the expansion of financing dedicated to the company's computing needs, alongside growth in its reported revenue and multiple capacity-provision deals. Jon Gray, Blackstone's president and chief operating officer, said, "Rapidly growing demand for AI is creating a tremendous opportunity to finance computing capacity at scale."

Equipment deliveries are expected to begin during 2027, according to Morgan Stanley's statement, under the strategic computing-capacity agreement Broadcom previously announced. Reuters said the new deal's financing supports Anthropic's computing deployment in its 2027 fiscal year, but covers only part of its needs for that year. Securing additional financing therefore remains tied to the company's needs not covered by the deal. The delivery schedule puts the equipment's actual deployment in 2027, after the financing is arranged and the accelerators and networking solutions are purchased. Tracking deliveries and changes in Anthropic's financing needs will provide a view of how the computing expansion targeted by the deal is being carried out.