Deals / Deal of the month / November 2026

Deal of the month · November 2026

Anthropic's US$63bn compute SPV: the chipmaker backs the residual value.

A new special purpose vehicle will buy Broadcom AI racks and lease them to Anthropic, funded by a first lien arranged by three banks and a second lien from Blackstone. What makes it new is Broadcom's promise to cover a fall in the value of the racks, up to about US$43bn. It is the largest single compute financing in the InfraCompute register.

Randeep Bubbra | Lawyer | Making the next generation of infrastructure financeable · Firm profile
Published 3 November 2026. Built from the SEC filings and release listed at the end. Views are personal.

US$63bnCommitted SPV financing

72.5%Backstop level, of the lease balance

~US$43bnMaximum Broadcom support

5 yearsLease term; deliveries from 2027

The structure

Who sits where

Figure 1

Anthropic compute SPV: seller, lenders, lessee and Broadcom's backstop

Contract or cash flowCredit support

Simplified from Broadcom's Form 8-K and release and Anthropic's Form S-1. The SPV's own documents, the lien split and the lease schedules for this financing are not public. Sources: [1], [2], [3].

Term sheet

The terms on public record

Borrower: A newly formed special purpose vehicle with committed financing [2]
Size: US$63bn of committed financing [2]
Liens: First lien arranged by Bank of America, Citi and Morgan Stanley; Blackstone is the sole provider of the committed second lien. The split between the liens is not disclosed [2]
Assets: Broadcom custom AI accelerators (XPUs) and networking, bought by the SPV [2]. Anthropic describes the capacity under its Broadcom leases as TPU-based [3]
Lessee: Anthropic, through special purpose subsidiaries whose obligations Anthropic, PBC guarantees and which are secured by the leased equipment [3]
Lease: Five-year master equipment leases, accounted for as finance leases; quarterly rent, generally from "ready for service"; non-cancellable except on default [3]
Rent on record: About US$161.2bn over the life of the Broadcom leases, excluding interest; about US$125.2bn under the March 2026 lease alone [3]
Residual value support: Broadcom pays the gap between 72.5% of the amounts owed on the lease and the sale value of the racks; maximum about US$43bn once deployed, undiscounted [1]. The release ties the support to the first lien [2]
Broadcom's remedies: Assume the lease, resell the racks to the seller at a fixed price in some cases, or arrange a sale [1]
Rent funding line: Anthropic may issue up to US$42bn of convertible notes to Broadcom or a designated financial partner to fund quarterly rent: 9% PIK (13% if revenue conditions are missed), secured on a junior basis on the lease collateral [3]
Timing: Deliveries expected from calendar 2027 [2]

Teardown

Six things that stand out

The chipmaker stands behind the collateral

Broadcom does not guarantee the rent. It covers a shortfall on the hardware: if Anthropic defaults and the racks are sold, Broadcom pays the difference between 72.5% of what is owed on the lease and the sale proceeds [1]. That puts the risk of the chips' resale value, the hardest number in any GPU financing, on the party that designed them.

The backstop moves with the lease

The support grows as racks are delivered and deployed and shrinks as Anthropic pays rent, up to about US$43bn [1]. The test is 72.5% of the lease balance, not of original cost, so it follows the amortisation. Lenders will want to see how that balance is calculated at each date and what counts as the sale value.

Broadcom has ways to limit the call

On a lease default Broadcom can take over the lease, resell the racks to the seller at a fixed price in some cases, or arrange a sale [1]. Broadcom describes the backstop as a contingent liability with a low probability of being called. For lenders, the order in which those options run, and who controls the sale, matter as much as the cap.

The lease is the credit

Anthropic's leases run five years, are accounted for as finance leases and cannot be cancelled except on default. Rent is quarterly and usually starts when equipment is ready for service, though it can start earlier if a data centre is late [3]. Anthropic, PBC guarantees its lease subsidiaries, the equipment secures the leases and the events of default include cross-defaults [3].

A funding line sits behind the rent

Anthropic may fund quarterly rent by issuing up to US$42bn of convertible notes to Broadcom or a designated financial partner. Interest is 9% paid in kind, 13% if revenue conditions are not met, and the notes are secured on a junior basis by the lease collateral [3]. That is liquidity support for the lessee, ranked behind the lease.

Delivery risk sits before the rent starts

Deliveries are expected from 2027 [2]. Anthropic has placed cash in a restricted account for Broadcom's benefit and may have to add more [3]. The conditions for each delivery, what happens if racks are late and when rent starts are where the construction-phase risk sits.

In context

Three ways to finance chips in one month

October produced three different answers to the same question: who carries the value of the chips. Lambda borrowed against GPUs it owns, backed by customer contracts. SpaceX chose a finance lease from an Apollo-managed lessor that pays down with the chips' working life. The Anthropic financing adds a third party, the chipmaker, to cover the residual value.

Date	Financing	Size	Structure	Main support	Source
26 Oct 2026	Anthropic compute SPV	US$63bn committed	SPV buys racks and leases them to Anthropic	Broadcom residual value support, up to about US$43bn	[1] [2]
24 Oct 2026	SpaceX GPU master finance lease (commitment)	About US$40bn	Apollo-managed lessor; schedules of about 5 to 5.25 years	Rent of one-twentieth of cost a quarter plus a fixed rate	[4]
1 Oct 2026	Lambda Compute I	US$1.008bn	Fixed-rate delayed draw term loan to a GPU-owning SPV	Take-or-pay contracts with two highly rated customers	[5]

Takeaways

What to read in the documents

For lenders and investors

The backstop wording: what triggers it, how the 72.5% is measured as the lease amortises, and how the sale value is fixed.
The order of Broadcom's remedies, and who controls an enforcement sale of the racks.
The intercreditor terms between the liens, and how the backstop proceeds are shared.
Delivery conditions and the rent start date, since that is where construction risk sits.

For sponsors and lessees

A supplier's residual value support can bring in senior lenders at scale without a parent guarantee from the supplier.
Expect lenders to test the lessee's parent guarantee, cross-defaults and any rent funding line as part of the credit.
Take-back and resale rights for the supplier interact with the lessee's step-in and replacement rights; agree them early.

The deal record Residual value guarantees Glossary: residual value guarantee The GPU lessor model October: Lambda Compute I Deal library

Sources

Broadcom Inc., Form 8-K, Item 2.03 (residual value support), filed 27 Oct 2026. https://www.sec.gov/Archives/edgar/data/1730168/000119312526434271/d148323d8k.htm
Broadcom, release: US$63bn financing structure to enable AI compute capacity, 26 Oct 2026. https://www.prnewswire.com/news-releases/bank-of-america-blackstone-citi-and-morgan-stanley-announce-landmark-63-billion-financing-structure-to-enable-ai-compute-capacity-in-partnership-with-broadcom-302919849.html
Anthropic, PBC, registration statement on Form S-1, Oct 2026. https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm
Space Exploration Technologies Corp., Form 8-K, Item 8.01 (master finance lease commitment), 26 Oct 2026. https://www.sec.gov/Archives/edgar/data/1181412/000110465926118614/tm2628247d1_8k.htm
Lambda, closing release for the US$1bn fixed-rate financing, 1 Oct 2026. https://lambda.ai/blog/lambda-closes-1-billion-senior-secured-fixed-rate-financing

Broadcom's release names the financial partners but not the size of each lien. The SPV's financing documents and the lease schedules for this financing have not been made public. This teardown summarises public sources for commentary and is not investment or legal advice.