Banks and Blackstone announce $63bn to fund Broadcom AI chips for Anthropic

Bank of America, Blackstone, Citi and Morgan Stanley announced a $63bn transaction on 26 October 2026 to pay for AI computing capacity built on Broadcom technology for Anthropic, in a release issued by Broadcom at 16:15 New York time (21:15 CET). A special purpose vehicle (SPV) set up for the deal, with committed financing from the four, will buy Broadcom XPU AI accelerators and networking products and lease them to Anthropic. The companies say the deal forms part of a compute capacity agreement Broadcom had already announced, and that deliveries are expected to begin in calendar 2027.

Bank of America, Citi and Morgan Stanley are arranging the first-lien portion of the financing, the release says. Blackstone is the sole provider of the committed part of the second lien; the release does not say how much of the second lien that covers. Broadcom, which supplies the hardware, is also giving the SPV residual value support for an amount equal to the first-lien portion.

Anthropic's Form S-1, accepted by the SEC's EDGAR system at 14:00 CET on 26 October 2026, describes an equipment lease the company signed with Broadcom in March 2026 for specialised AI accelerators and related components, with Broadcom planning to transfer it to a "designated financial partner". Rent over the five-year term of that agreement, which the filing calls the 2026 Lease Arrangement, totals about $125.2bn excluding interest. It is paid quarterly, usually from when equipment is ready for service.

Neither document says whether the new SPV is that financial partner or which lease the $63bn will serve. A second, wider figure covers all of Anthropic's five-year master equipment leases with Broadcom: about $161.2bn of rent over their lives, excluding interest, for TPU-based compute capacity that began coming online in 2026, with more expected from 2027. The S-1 says neither party can cancel those leases during the applicable lease period except in a default. Our S-1 report covers the rest of the filing.

A note purchase agreement signed with Broadcom in March 2026 lets Anthropic issue, if needed and subject to conditions, up to $42.0bn of convertible notes to Broadcom or, with Anthropic's consent, which it may not unreasonably withhold, a designated financial partner, only to pay quarterly rent under the 2026 Lease Arrangement. The notes would carry 9.00% interest paid in kind, or 13.00% if certain revenue conditions are not met. Holders could convert them into Class N common stock at a discount to the Class A share price. Anthropic says it does not expect to issue any of these notes before its IPO is completed.