Banks and Blackstone fund $63 billion SPV for Broadcom chips
Bank of America, Blackstone, and Morgan Stanley are creating a special purpose vehicle to purchase Broadcom accelerators for Anthropic. The $63 billion structure allows Anthropic to lease compute capacity without direct acquisition.
Banks and Blackstone are lining up $63 billion to fund a new special purpose vehicle (SPV) that will purchase Broadcom XPU accelerators and networking gear to lease to Anthropic. The SPV is being created by Bank of America, Blackstone, and Morgan Stanley. Broadcom will provide residual value support equal to the first lien portion of the debt. Deliveries are expected to start in 2027 under a compute capacity agreement Broadcom announced earlier.
This structure allows Anthropic to access chips without direct acquisition due to financial structuring complexities. Previously, Apollo and Blackstone agreed to finance a $35 billion extension to Anthropic's computing capacity. This new financing follows Anthropic's recent IPO filing, highlighting the increasing scale of capital required to support AI infrastructure growth.