InfraCompute / Deals
Anthropic AI compute SPV financing for Broadcom XPU racks
First and second lien financing of a newly formed special purpose vehicle that buys Broadcom XPU AI accelerators and networking systems and leases them to Anthropic for Anthropic, US$63.0bn, 26 October 2026.
Key terms
- Borrower or issuer
- Anthropic
- Date
- 26 October 2026
- Structure
- First and second lien financing of a newly formed special purpose vehicle that buys Broadcom XPU AI accelerators and networking systems and leases them to Anthropic
- Amount
- US$63.0bn
- Pricing
- Not disclosed
- Security
- Broadcom provides residual value support to the SPV equal to the first lien portion: its liability is the shortfall between 72.5% of the outstanding lease amounts and the value of the AI racks on a sale, up to about US$43bn once the racks are deployed (Form 8-K)
Recorded terms
- Lender type
- Bank loansNamed lender: Lead Financial Partners: Bank of America
- Security
- Broadcom provides residual value support to the SPV equal to the first lien portion: its liability is the shortfall between 72.5% of the outstanding lease amounts and the value of the AI racks on a sale, up to about US$43bn once the racks are deployed (Form 8-K)
- Lenders and arrangers
- Lead Financial Partners: Bank of America, Citi and Morgan Stanley arranging the first lien; Blackstone the sole provider of the committed portion of the second lien
- Tenant or offtaker
- Anthropic, as lessee under five-year master equipment leases accounted for as finance leases (Form S-1)
- Use of proceeds
- Compute capacity under Anthropic's previously announced agreement with Broadcom, with deliveries expected from calendar 2027
- Status
- Arranged 26 October 2026 with committed financing from the Lead Financial Partners; the first lien is being arranged and funding follows rack deliveries from 2027
- Region
- Not stated
- Notes
- Held out of the debt total until the first lien is committed and funded. Tranche sizes, pricing and tenor are not disclosed. Anthropic's Form S-1 separately discloses lease rent of about US$161.2bn over the Broadcom master equipment leases and an undrawn US$42bn convertible note facility that may finance rent under the 2026 lease.
Parties
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Sources
- Broadcom Inc. Form 8-K, Item 2.03: residual value support to a special purpose vehicleSource date: 27 October 2026
- Broadcom: Bank of America, Blackstone, Citi and Morgan Stanley announce landmark $63 billion financing structureSource date: 26 October 2026
- Anthropic, PBC Form S-1: infrastructure equipment leases and Infrastructure Partner 2026 NPASource date: 26 October 2026
About this record
Compiled from the sources above. Terms are as announced and may have changed since. Methodology · Send a correction.
