BofA, Blackstone, Citi and Morgan Stanley Line Up $63 Billion to Buy Broadcom XPUs and Lease Them to Anthropic

A coalition of major financial institutions is putting $63 billion behind Anthropic's compute buildout. Bank of America, Blackstone, Citi and Morgan Stanley announced on Monday, October 26 that they will form a special purpose vehicle to purchase Broadcom's XPU AI accelerators and networking solutions and lease them to Anthropic. The deal is part of a strategic compute capacity agreement Broadcom had previously disclosed, and deliveries to the new SPV are expected to begin in calendar 2027.

The structure splits the risk in a telling way. Bank of America, Citi and Morgan Stanley are arranging the first-lien portion of the financing, with Blackstone as the sole provider of the committed second-lien financing. Broadcom itself will provide residual value support to the SPV in an amount equal to the first-lien portion — in effect, the chipmaker is underwriting the future resale value of its own hardware to make the lease economics work.

"Fundamentally, the need for AI compute continues to grow at an extraordinary pace," Broadcom CEO Hock Tan said in the announcement. "This validates that there is capital available to finance such growth and that Broadcom is uniquely positioned to enable it." Jon Gray, President and COO of Blackstone, called the buildout "an enormous opportunity to finance compute capacity at scale." Broadcom shares traded roughly 0.6 percent higher in after-hours trading following the news, which was reported by Dow Jones Newswires.

Timing matters. The announcement came hours after Anthropic publicly filed its S-1 for an initial public offering on Nasdaq under the ticker ANT, a filing The Wall Street Journal reported could value the company between $1.5 trillion and $2 trillion. That filing also laid out hundreds of billions of dollars in compute commitments — including more than $114 billion to Google, $44.9 billion to Microsoft, and up to roughly $120 billion to SpaceX — much of it contractually difficult to cancel. The Broadcom SPV extends the same pattern: structured credit stepping in where equity and operating cash flow leave off.

The AI infrastructure buildout is increasingly being financed like an asset class rather than a capital expense. In recent weeks SpaceX closed roughly $40 billion in GPU financing through an Apollo-managed lessor, Meta kicked off a push for up to $95 billion in equity, and Amazon has been reported exploring special-purpose structures for its own chip fleets. The Broadcom-Anthropic deal adds a new wrinkle: the equipment vendor itself providing residual value support, effectively absorbing part of the depreciation risk that has made lenders nervous about five-year leases on hardware with an uncertain second life.

That is the detail worth watching. Residual value support ties Broadcom's balance sheet to the assumption that used XPUs will retain meaningful worth in 2031 and beyond — the same assumption skeptics, from Citadel's Ken Griffin to a growing list of credit analysts, have been questioning as GPU supply scales. If the resale market for last-generation accelerators softens, the losses will land somewhere specific: on the SPV's lenders, on Broadcom's support commitment, or ultimately in the price of compute. For now, though, the message from the banks is that there is plenty of capital willing to take that bet.