A coalition of major financial institutions, including Bank of America, Citigroup, Morgan Stanley, and Blackstone, has finalized a massive $63 billion financing deal to procure advanced AI chips and networking equipment from Broadcom for the startup Anthropic. This significant debt arrangement will be executed through a specialized vehicle designed to purchase hardware and lease it to the AI developer. Under this structure, Broadcom offers crucial residual value support, which acts as a guarantee for lenders, effectively mitigating risks associated with the high-end computing assets. The bulk of this capital, roughly $43.5 billion, is comprised of senior debt, while Blackstone takes the lead on the second-lien financing portion.

This move underscores the deepening involvement of traditional banks and alternative asset managers in the race to build the physical infrastructure required to power the next generation of artificial intelligence. As Anthropic pushes toward a potential IPO amid concerns over operational losses, this funding ensures the company can secure the massive compute capacity needed for its future operations, with deliveries of the hardware expected to ramp up by 2027. While analysts at Moody’s have acknowledged Broadcom’s strong financial standing, they have also cautioned that relying on a rapid succession of such large-scale debt deals to satisfy the voracious appetite of AI labs could introduce new layers of risk to the broader technology sector.