Major Financial Institutions Announce $63 Billion Financing Structure to Scale AI Compute Capacity for Anthropic

Bank of America, Blackstone, Citi, and Morgan Stanley have announced a $63 billion financing transaction designed to enable the deployment of AI compute capacity for Anthropic, leveraging Broadcom Inc.'s technology. The announcement outlines a strategic compute capacity agreement, with expected deliveries beginning in calendar year 2027.

Transaction Structure and Partners

• Special Purpose Vehicle (SPV): The transaction will be executed through a newly formed SPV with committed financing from the lead financial partners.
• Equipment and Leasing: The financing supports the purchase of Broadcom XPU AI accelerators and networking solutions, which will be leased to Anthropic.
• Lien Arrangements: Bank of America, Citi, and Morgan Stanley are arranging the first lien portion, while Blackstone acts as the sole provider of the committed second lien financing.
• Residual Value Support: Broadcom is providing residual value support to the SPV for an amount equivalent to the first lien portion.

Leadership Perspectives

Executives from the participating firms highlighted the growing demand for artificial intelligence infrastructure. Jon Gray of Blackstone noted the immense opportunity to finance compute capacity at scale, while Dan Simkowitz of Morgan Stanley emphasized the milestone in creating scalable capital solutions. Vis Raghavan of Citi pointed to the unprecedented scale required for AI financing, and Jim DeMare of Bank of America highlighted the mobilization of institutional capital to turn technology plans into tangible infrastructure. Hock Tan of Broadcom underscored the growing pace of AI compute needs and the availability of growth capital.

Legal Counsel and Verification

• Legal Advisors: Kirkland & Ellis LLP represents Blackstone; Latham & Watkins LLP represents Bank of America, Citi, and Morgan Stanley; and Sullivan & Cromwell LLP serves as legal counsel to Broadcom, with Evercore acting as financial advisor.
• Verification: Additional details regarding the transaction and forward-looking statements can be reviewed in the investor relations section of Broadcom's official website.