Wall Street banks and Blackstone put up $63 billion so Anthropic can lease Broadcom AI racks

Bank of America, Blackstone, Citi and Morgan Stanley announced a $63 billion financing structure on Monday, Oct. 26, 2026, to fund Broadcom AI compute capacity leased to Anthropic, with deliveries expected to start in calendar 2027.

Sixty-three billion dollars to buy chips nobody at Anthropic will own is how AI gets financed when the racks cost more than a Series F. The SPV is the whole joke and the whole point: banks and Blackstone put up the cash, Broadcom builds the XPUs, Anthropic leases them, and Broadcom's residual-value promise is what makes the first lien feel safe — peaking around $43 billion on paper and amortizing to zero if the leases keep paying. That is not a cash check Broadcom writes on day one; it is a backstop that says the racks will still be worth something. Compare it to the earlier Broadcom–Anthropic compute deal that already had a big number on it: this is the Wall Street layer that turns a technology commitment into rack deliveries starting in 2027. When four of the biggest names in banking and private credit all show up on the same press release, the AI buildout stopped being a Silicon Valley story and became a balance-sheet story.

On the joint release, Bank of America, Blackstone, Citi, and Morgan Stanley announced a $63 billion transaction on Oct. 26, 2026, to enable deployment of AI compute capacity using Broadcom technology for Anthropic. The deal is part of the strategic compute capacity agreement Broadcom previously announced. Expected deliveries start in calendar 2027. Those lines are the release's. PR Newswire stamps it Oct. 26, 2026, 4:15 p.m. ET. Broadcom's investor site carries the same release.

The transaction runs through a newly formed special purpose vehicle, shortened to SPV. An SPV is a separate company set up to hold one deal. This one raises bank and institutional capital, buys Broadcom XPU AI accelerators and networking gear, and leases that technology to Anthropic. An XPU, here, is Broadcom's name for its AI accelerator, the chip that does the model math. A lease means Anthropic pays to use the racks. It does not mean Anthropic owns them. Those lines are the release's.

The first-lien portion of the financing is arranged by Bank of America, Citi, and Morgan Stanley. A first lien is the debt that stands first in line if the borrower cannot pay. Blackstone is the sole committed second-lien provider. A second lien is paid after the first lien. Broadcom's presentation calls Blackstone the "anchor provider of second lien financing." Those roles are the release's and the presentation's.

Broadcom provides residual value support, shortened to RVS, to the SPV for an amount equivalent to the first-lien portion of the financing. Residual value is what the racks are worth at the end. Support, here, is Broadcom's promise to cover a gap if that worth comes in low. Those lines are the release's.

Broadcom's investor presentation describes the possible RVS bill as any difference between 72.5% of the outstanding amounts owed on the lease and the value of the AI racks received. Peak exposure is expected to be $43 billion and then decline to zero. The support amortizes to zero on a straight-line basis over five years of lease payments. Straight-line means it shrinks by the same amount across those years. The presentation says RVS is not a direct cash outlay. It is not a check Broadcom writes on day one. The chart is illustrative and assumes a delivery schedule and a lease payment profile. Those lines are Broadcom's, from the Oct. 26 presentation.

Quoted on the release: Jon Gray, Blackstone's president and chief operating officer, said there is "an enormous opportunity to finance compute capacity at scale." Dan Simkowitz, Morgan Stanley's co-president, called the deal "an important milestone in enabling the next buildout of AI compute capacity." Vis Raghavan, Citi's head of banking and executive vice chair, said "Financing AI demands capital solutions at unprecedented scale." Jim DeMare, Bank of America's co-president, said the work is "turning ambitious technology plans into tangible compute infrastructure." Hock Tan, Broadcom's president and chief executive, said the deal "validates that there is capital available to finance such growth." Those quotations are theirs, as the release prints them.

Counsel on the release: Kirkland & Ellis for Blackstone; Latham & Watkins for Bank of America, Citi, and Morgan Stanley; Sullivan & Cromwell for Broadcom. Evercore is Broadcom's financial advisor. Those names are the release's.

The picture is the Transaction Overview page from Broadcom's Oct. 26, 2026 investor presentation. It shows Broadcom delivering technology and residual value support to an SPV, capital coming in from Bank of America, Citi, Morgan Stanley, and Blackstone, and the SPV leasing the XPU accelerators to Anthropic. The credit is Broadcom.

In plain terms, four of the biggest names in banking and private credit said on Monday that a new company will buy $63 billion of Broadcom AI racks and lease them to Anthropic, with deliveries aimed at 2027. The banks arrange the first lien. Blackstone takes the second. Broadcom's backstop peaks near $43 billion on paper and shrinks to zero over five years of lease payments if the chart's assumptions hold. Anthropic gets the compute. It does not get the title to the racks.