Bank of America (NYSE: BAC), Blackstone (NYSE: BX), Citi (NYSE: C) and Morgan Stanley (NYSE: MS) have announced a $63 bn financing transaction to support the deployment of artificial intelligence computing capacity for Anthropic using technology supplied by Broadcom (NASDAQ: AVGO).
The agreement forms part of Broadcom’s previously announced strategic compute capacity arrangement, with deliveries scheduled to begin in calendar 2027.
- Bank of America, Blackstone, Citi and Morgan Stanley announced a $63 bn financing structure to support the deployment of Broadcom AI computing technology for Anthropic.
- A newly established special purpose vehicle (SPV) will purchase Broadcom XPU accelerators and networking equipment, which will be leased to Anthropic.
- Bank of America, Citi and Morgan Stanley will arrange first-lien financing, while Blackstone will provide the committed second-lien portion. Equipment deliveries are expected to begin in 2027.
The transaction establishes a financing structure through which institutional capital will fund the purchase of specialized AI processors and networking equipment without requiring Anthropic to purchase the infrastructure directly.
How the $63 bn AI infrastructure financing will work
The financing will be executed through a newly established special purpose vehicle (SPV) backed by commitments from the four financial institutions.
The SPV will acquire Broadcom’s XPU AI accelerators and networking solutions and lease the equipment to Anthropic.
The structure separates ownership and financing of the computing hardware from its use by the AI developer.
The financial partners have agreed on distinct roles within the transaction:
| Financial institution | Role in the transaction |
|---|---|
| Bank of America (BAC) | Arranger of first-lien financing |
| Citi (C) | Arranger of first-lien financing |
| Morgan Stanley (MS) | Arranger of first-lien financing |
| Blackstone (BX) | Sole provider of the committed second-lien financing |
| Broadcom (AVGO) | Technology supplier and provider of residual value support |
Broadcom will provide residual value support to the SPV equivalent to the first-lien portion of the financing.
This commitment is an important element of the transaction because the financing is backed by specialized computing equipment whose value depends partly on its future commercial usefulness.
The companies did not disclose the allocation of the $63 bn among the individual lenders.
Broadcom to supply AI accelerators and networking equipment for Anthropic
Broadcom will provide XPU accelerators and networking solutions to support Anthropic’s expanding computing requirements.
The financing arrangement is intended to facilitate deployment at a scale that would otherwise require substantial direct capital expenditure by the AI company.
The transaction also gives Broadcom a role beyond semiconductor supply through its residual value commitment.
Broadcom President and CEO Hock Tan said the agreement demonstrates the availability of institutional capital to finance increasing demand for AI computing infrastructure.
The company expects deliveries under the broader strategic compute capacity agreement to begin in 2027.
Blackstone and major US banks expand AI infrastructure financing
The $63 bn transaction illustrates how financial institutions are developing funding structures for large-scale AI infrastructure projects.
Bank of America, Citi and Morgan Stanley will arrange the senior secured, or first-lien, portion of the financing. Blackstone will provide the committed second-lien portion, which ranks behind the first-lien financing in the repayment structure.
Jon Gray, Blackstone’s President and Chief Operating Officer, said expanding AI demand was creating significant opportunities to finance computing capacity.
Morgan Stanley Co-President Dan Simkowitz described the transaction as a step toward financing the next phase of AI infrastructure development through scalable capital structures.
Citi’s Head of Banking and Executive Vice Chair Vis Raghavan emphasized the need for financing arrangements capable of supporting unusually large capital requirements.
Bank of America Co-President Jim DeMare said the transaction combines Broadcom’s technology with institutional financing to support the deployment of computing infrastructure.
AI infrastructure investment requires new financing structures
The agreement brings together four major financial institutions, a semiconductor supplier and an AI developer in a single equipment-financing structure.
Unlike conventional corporate borrowing, the transaction uses an SPV to acquire and hold computing assets that will generate lease payments from their deployment.
The arrangement allows the participants to allocate financing obligations, equipment ownership and residual value exposure through separate contractual commitments. It also reflects the increasing scale of capital required for advanced AI computing systems, including specialized accelerators and the high-speed networking equipment connecting them.
The transaction is supported by several legal and financial advisers. Kirkland & Ellis is advising Blackstone, while Latham & Watkins represents Bank of America, Citi and Morgan Stanley. Sullivan & Cromwell is serving as Broadcom’s legal counsel, with Evercore acting as its financial adviser.
The companies have not disclosed the financing’s maturity, interest rates or detailed lease terms. The first Broadcom equipment deliveries supporting Anthropic are expected in 2027.
