Four banks and Blackstone line up $63 billion to lease Broadcom chips to Anthropic

Bank of America, Blackstone, Citi and Morgan Stanley said they will provide a $63 billion financing to deploy AI compute for Anthropic using Broadcom technology, with deliveries expected to start in calendar 2027, according to the official announcement.

A leasing vehicle with Broadcom behind the senior debt

The four firms, which the release calls the Lead Financial Partners, will run the deal through a newly formed special purpose vehicle (SPV). The SPV will use committed financing to buy Broadcom XPU AI accelerators and networking products, then lease them to Anthropic. The companies describe the transaction as part of the strategic compute capacity agreement Broadcom announced earlier.

The debt is split in two. Bank of America, Citi and Morgan Stanley are arranging the first lien portion. Blackstone is the only provider of the committed second lien portion. Broadcom, for its part, is giving the SPV residual value support equal to the size of the first lien portion. In practice, that means Broadcom stands behind the value of the hardware for the senior lenders. The release does not say how the $63 billion divides between first and second lien, what interest rates apply, or how long the leases run.

Kirkland & Ellis advised Blackstone, Latham & Watkins advised the three banks, and Sullivan & Cromwell advised Broadcom, with Evercore as its financial adviser. Broadcom said further information is on the investor section of its website.

What the executives say the deal proves

Broadcom CEO Hock Tan framed the deal as proof that lenders will fund the buildout. “This validates that there is capital available to finance such growth and that Broadcom is uniquely positioned to enable it,” he said. Blackstone’s Jon Gray called the opportunity to finance compute at scale enormous, and Citi’s Vis Raghavan said the structure is meant to meet capital needs at an unprecedented scale. These are the companies’ own characterizations; none of them is independently verified.

Anthropic is the lessee but is not quoted in the release, and the document does not say how much compute the $63 billion buys.

Putting $63 billion next to what has been reported

The figure fits a pattern of chip-lease financing built around Anthropic. In April, Anthropic, Google and Broadcom announced multiple gigawatts of next-generation TPU capacity starting in 2027. Broadcom’s filing put it at about 3.5 GW, according to Data Center Knowledge, on top of roughly 1 GW supplied in 2026. The new release does not name that deal or give a gigawatt figure, so linking the $63 billion to 3.5 GW is an inference from the shared 2027 start date.

Earlier financing is also on record. Forkast reported that a $35 billion SPV, arranged by Apollo and Blackstone, closed in June 2026, with Broadcom covering shortfalls if Anthropic defaulted on lease payments or hardware resale value fell short. We could not confirm that structure against a primary document. If the report is accurate, this new deal is almost twice that size and moves the senior debt to major banks.

The demand side explains the appetite. The Next Web reported in April that Anthropic’s run-rate revenue had passed $30 billion, up from about $9 billion at the end of 2025, and that Mizuho analysts estimated Broadcom would earn $21 billion in AI revenue from Anthropic in 2026 and $42 billion in 2027. Those are an analyst’s estimates, not company guidance.

What the release leaves unanswered

Several things are missing. Neither Anthropic nor the lenders say what happens if Anthropic’s growth slows while lease payments continue. Broadcom’s support covers only the first lien amount, so the second lien, which Blackstone alone is committing to, carries the more exposed risk, though the release gives no pricing. Broadcom’s own forward-looking statements caution that the deployment and its timing are uncertain, and cite risks including supply chain dependence on contract manufacturing and its significant debt.

For most readers, nothing changes immediately: the chips are due from 2027, and the release describes a financing, not a product. What it does show is that the money for AI compute is now being raised through off-balance-sheet structures, with the chip maker guaranteeing part of the debt rather than the AI lab alone carrying it.