Bank of America, Blackstone, Citi and Morgan Stanley arrange $63 billion AI compute financing with Broadcom

Bank of America, Blackstone, Citi and Morgan Stanley have assembled $63 billion of financing to deploy AI computing capacity for Anthropic on Broadcom technology, with deliveries of the equipment expected to begin in calendar 2027.

How the deal is put together

The transaction runs through a newly formed special purpose vehicle. The vehicle buys Broadcom XPU AI accelerators and networking solutions with financing the four partners have committed in advance, then leases the equipment to Anthropic. Bank of America, Citi and Morgan Stanley arrange the first-lien portion; Blackstone is the sole provider of the committed portion of the second-lien financing. The announcement did not say how large the first-lien tranche is. Broadcom is giving the vehicle residual value support equal to that first-lien portion, not to the full value of the hardware. The deal sits inside the strategic compute capacity agreement Broadcom announced earlier.

What the five executives said

Jon Gray, President and COO of Blackstone, said surging AI demand creates an enormous opportunity to finance compute capacity at scale. Dan Simkowitz, Co-President of Morgan Stanley, called the transaction an important milestone in enabling the next buildout of AI compute. Vis Raghavan, Head of Banking and Executive Vice Chair at Citi, said financing AI requires capital solutions at unprecedented scale. Jim DeMare, Co-President of Bank of America, said the transaction turns ambitious technology plans into tangible compute infrastructure. Hock Tan, President and CEO of Broadcom, said it shows capital is available to finance AI growth and that Broadcom can enable it.

Why it matters

At $63 billion, the package is one of the largest debt financings tied to the AI buildout, and the structure is the story: the accelerators are bought and owned by a separately financed vehicle and leased to Anthropic, with Broadcom's support sized to the first-lien slice rather than the whole deal.

Sources: Broadcom · Investing.com