Four Wall Street Giants Invest $63 Billion in Anthropic Computing Power, Broadcom Backs Chip Residual Value

Broadcom has partnered with several financial institutions to structure one of the largest AI chip financing deals to date, reflecting Wall Street’s continued bet on artificial intelligence infrastructure development.

Bank of America, Blackstone, Citibank, and Morgan Stanley jointly announced on Monday that through a newly established special purpose vehicle (SPV), they will provide a total of $63 billion in financing for the purchase of Broadcom’s AI accelerators and networking equipment, which will then be leased to AI large model developer Anthropic. Chip deliveries are expected to begin in 2027.

The sheer scale and complex structure of this deal have drawn significant attention from both Wall Street and Silicon Valley. Amid pushback on data center expansion and skepticism about the future demand for AI, this transaction is seen by the market as a significant vote of confidence from institutional capital in AI infrastructure investment.

Meanwhile, Anthropic also filed for an IPO on the same day, reporting a net loss of $80.7 billion in the first half of this year. The company stated that it may not achieve profitability in the future and cautioned about a potential “existential risk” to humanity.

Broadcom closed up 2.33% on Monday.

According to statements from the involved parties, the financing will be executed through a newly created SPV. The funds will be used to acquire Broadcom XPU AI accelerators and networking solutions, which will be leased to Anthropic.

In terms of financing hierarchy, Bank of America, Citibank, and Morgan Stanley are responsible for arranging the senior (first-lien) financing, while Blackstone is the sole provider of the subordinated (second-lien) financing.

Broadcom is providing “residual value support” to the SPV, which matches the size of the senior financing—essentially acting as a guarantor to the senior creditors, meaning Broadcom will bear the losses if the asset value declines. The specific scale of the senior debt was not disclosed by the parties.

Broadcom President and CEO Hock Tan stated, “This transaction demonstrates the market’s ongoing belief in the growth of AI computing power, proves the availability of financing capital, and validates Broadcom’s unique position in this ecosystem.”

It’s worth noting that this deal is part of the previously established strategic compute agreement between Broadcom and Anthropic. Even prior to this transaction, Apollo and Blackstone had arranged $35 billion in compute expansion financing for Anthropic; the new $63 billion agreement is an expansion built on that foundation.

The lineup of participants in this deal clearly illustrates Wall Street’s approach to the AI infrastructure financing wave—traditional banks and alternative asset managers are working together to fill the massive funding gap for AI compute infrastructure.

According to an earlier Bloomberg report, Broadcom had formed a bank syndicate on Wall Street and began raising about $60 billion this month for AI chip financing for Anthropic and other firms, with Bank of America, Citibank, and Morgan Stanley all involved. This transaction came together after weeks of negotiation.

Blackstone President and Chief Operating Officer Jon Gray said the rapid growth in AI demand is creating enormous opportunities for scaled capital solutions to fund compute power.

Morgan Stanley Co-President Dan Simkowitz noted the bank has been at the forefront of designing scalable capital solutions for AI infrastructure.

Citibank’s Head of Banking, Vis Raghavan, stated that AI financing requires unprecedented capital scale, and Citibank will utilize its global capital markets structuring and distribution expertise to accelerate the construction of critical AI infrastructure.

Bank of America Co-President Jim DeMare emphasized that this transaction combines Broadcom’s leading technology with massive bank capital to drive the next wave of AI innovation.

This deal is the latest example in the AI infrastructure financing wave. Previously, hundreds of billions of dollars in debt capital have poured into this field, with much of it allocated to data center construction but with an increasing number of dedicated transactions focused on chips and servers as well.

In August this year, Nvidia announced partnerships with six major financial institutions—including Blackstone—to mobilize over $500 billion for AI development and assist clients in securing financing for purchasing its chips.

Broadcom’s strategic intention in this transaction is also clear: to expand sales of AI chips and data center equipment and directly challenge Nvidia.

For Anthropic, the ever-growing needs in AI model training and inference mean its demand for compute power will remain high for the long term. The interests of both parties are closely aligned in this record-setting transaction.