Broadcom Anthropic SPV gets $63 billion from Wall Street banks and Blackstone

The bill for Anthropic's next wave of computing power now has lenders attached. The Broadcom Anthropic SPV, a $63 billion financing announced late Monday, puts Bank of America, Blackstone, Citi and Morgan Stanley behind a new vehicle that will buy Broadcom hardware and rent it to the maker of Claude.

What happened

A newly formed special purpose vehicle will buy Broadcom's XPU accelerators plus networking gear and rent them out to Anthropic, the companies said in a joint release. Deliveries are expected to start in calendar 2027 under a compute agreement Broadcom had already announced. The senior, first-lien loans have Bank of America, Citi and Morgan Stanley as arrangers, and Blackstone is the sole provider of the committed part of the second lien.

Broadcom is giving the vehicle residual value support equal to the first-lien amount, in effect a guarantee against a drop in the value of the chips. That senior slice is about $43.5 billion, or 69% of the total, according to two people cited by Reuters. The release itself did not break down the loans.

The deal drew a crowd of advisers. Kirkland & Ellis is counsel to Blackstone, Latham & Watkins to the three banks, and Sullivan & Cromwell to Broadcom, with Evercore as Broadcom's financial adviser. Morgan Stanley co-president Dan Simkowitz called the deal "an important milestone in enabling the next buildout of AI compute capacity," and Citi's Vis Raghavan said financing AI "demands capital solutions at unprecedented scale."

This is not the first such package. Apollo and Blackstone had earlier agreed to fund a $35 billion expansion of Anthropic's capacity under a prior Broadcom agreement, in which Broadcom's backstop was up to $29 billion, Reuters reported, citing a filing.

Why it matters

Investors liked it. Broadcom rose 4% on Tuesday, AMD gained 5% and Micron almost 3%, CNBC reported, and the Nasdaq Composite added 1.18%. "The market has these kind of periodic interludes where it gets concerned about AI spending, and then we tend to go back and tech leads us higher," Argent Capital's Jed Ellerbroek told CNBC. The financing arrived a day after the Anthropic S-1 filing showed how fast the company is growing, and it follows the Anthropic TPU debt financing we covered earlier this month.

The Broadcom Anthropic SPV also moves risk around. Lenders hold the hardware through the vehicle, Anthropic pays to use it, and Broadcom stands behind the senior debt. Moody's ranks Broadcom among the strongest big tech companies but warned that risk would rise if several such transactions were done in a short period, according to Reuters. "This validates that there is capital available to finance such growth," Broadcom chief executive Hock Tan said.

What's next

Next come the details: loan pricing, how much of the debt is sold on to other investors, and whether rival labs copy the template. Blackstone president Jon Gray said demand for AI is creating "an enormous opportunity to finance compute capacity at scale." Terms of the Broadcom Anthropic SPV are in the joint press release.