Bank of America, Blackstone, Citi and Morgan Stanley have assembled a $63 billion financing structure that leases Broadcom AI hardware to Anthropic rather than having the AI developer buy it outright. The deal, announced October 26, 2026, shows how Wall Street now underwrites AI compute at a scale once reserved for sovereign infrastructure, with deliveries expected to begin in calendar 2027.

The announcement landed the same day Anthropic publicly filed its S-1 for a Nasdaq listing, and it sits inside a strategic compute capacity agreement Broadcom had previously announced with the AI developer.

A newly formed special purpose vehicle will buy Broadcom XPU AI accelerators and networking solutions and lease them to Anthropic. Bank of America, Citi and Morgan Stanley are arranging the first-lien financing. Blackstone is the sole provider of the committed second-lien portion. Broadcom will provide residual value support to the SPV equal to the first-lien amount, a guarantee that protects senior lenders if the hardware loses value faster than expected.

That structure lets Anthropic secure capacity as an operating commitment rather than a capital purchase, while Broadcom converts its balance sheet strength into chip sales. Bloomberg News, in a report republished by Advisor Perspectives on October 2, described a roughly $60 billion package with a $42 billion Class A senior-secured tranche and an $18 billion Class B junior tranche, with Blackstone committing $9 billion from its funds and planning to syndicate the rest. The final release does not break out tranche sizes.

“The rapidly growing demand for AI is creating an enormous opportunity to finance compute capacity at scale,” said Jon Gray, President and Chief Operating Officer of Blackstone.

Dan Simkowitz, Co-President of Morgan Stanley, called the transaction “an important milestone in enabling the next buildout of AI compute capacity.” Vis Raghavan, Head of Banking and Executive Vice Chair at Citi, and Jim DeMare, Co-President of Bank of America, also tied the deal to accelerating the buildout of AI infrastructure.

“Today’s transaction underscores the power of our advanced technology and our strong conviction in the AI ecosystem,” said Hock Tan, President and CEO of Broadcom, adding that the deal “validates that there is capital available to finance such growth.” Tan also said in the release that the need for AI compute “continues to grow at an extraordinary pace.”

Kirkland & Ellis advised Blackstone, Latham & Watkins advised the three banks, and Sullivan & Cromwell served as legal counsel to Broadcom, with Evercore acting as Broadcom’s financial advisor.

Anthropic’s filing puts the Broadcom relationship at the center of its compute strategy. The S-1 lists about $161.2 billion in five-year equipment leases tied to Broadcom for Google TPU-based hardware, the largest of its noncancelable commitments, ahead of Google at $114.5 billion, Amazon at $110 billion and Microsoft at $44.9 billion, according to Yahoo Finance. Those four deals total roughly $430 billion. The Broadcom leases cover hardware installed in data centers operated by others, are booked as finance leases and cannot be canceled except in a default.

The demand behind those commitments is real. Anthropic reported $16.3 billion in revenue for the first half of 2026, up from $1.2 billion a year earlier, with an operating loss of $693 million. Its first-half net loss reached $80.7 billion, driven by a $72.4 billion non-cash charge on convertible notes and similar securities. In April, the company announced an agreement with Google and Broadcom for multiple gigawatts of next-generation TPU capacity starting in 2027, which Chief Financial Officer Krishna Rao described as “our most significant compute commitment to date.”

The $63 billion structure builds on earlier off-balance-sheet deals. Broadcom, Apollo and Blackstone formed the AI XPV partnership in June 2026, and its first transaction raised $35 billion to expand Anthropic’s compute capacity using Broadcom chips and networking gear, The Next Web reported. Broadcom backstopped most of that debt, which helped senior tranches earn investment-grade ratings. The partnership targets more than 20 gigawatts of computing power for leading AI labs by 2028, and that first $35 billion adds about 1 gigawatt.

The financing arrives as Broadcom’s AI business accelerates. The company reported fiscal third-quarter 2026 revenue of about $29.6 billion, up 86% year over year, with AI semiconductor revenue of $16.7 billion, up 221%, according to its September 2 earnings release. Broadcom guided fourth-quarter AI semiconductor revenue to $21.7 billion. “Demand for our custom AI accelerators and networking continues to be very strong,” Tan said at the time.

The structure gives Broadcom a financing answer to Nvidia’s own capital alliances. In August, Nvidia announced a partnership with six major financial firms, including Blackstone, to mobilize more than $500 billion for AI, including helping customers fund chip purchases. Broadcom’s residual value support now offers lenders comparable comfort on custom XPUs, which technology companies use to reduce reliance on Nvidia GPUs.

For Google, Amazon and Microsoft, the deal underscores that Anthropic can source capacity outside their clouds, through leased hardware financed by banks and private credit. Apollo, Blackstone’s partner in AI XPV, does not appear in this transaction, leaving Blackstone as the sole second-lien capital provider. For Nvidia and AMD, the bar for winning frontier-lab accelerator volume now includes the ability to arrange lender-ready financing alongside chip performance.