$63 Billion Financing: Anthropic Leases Chips, Wall Street Pays, Broadcom Backstops
Bank of America, Citigroup, Morgan Stanley, and Blackstone have joined forces to provide Anthropic with $63 billion in debt financing, specifically to purchase Broadcom AI chips and networking equipment. The money flows through an SPV: Broadcom sells the equipment, Anthropic leases the chips, and Broadcom covers the residual value. Ahead of Anthropic's IPO, Wall Street is turning computing power into a business that can be leveraged.
According to foreign media reports, Bank of America, Citigroup, Morgan Stanley, and Blackstone — several Wall Street institutions — have come together with a single goal: providing Anthropic with $63 billion in debt financing (approximately 420.679 billion RMB). The money is not given directly to Anthropic to spend. Its purpose is clear: to purchase Broadcom's AI accelerator chips and networking equipment. This is also one of the largest debt transactions in the field of AI computing infrastructure. Anthropic is the developer of Claude.
The structure of this financing is quite interesting. The participating parties will first establish a special purpose vehicle (SPV), which will buy the equipment from Broadcom and then lease it to Anthropic. The equipment belongs to the SPV, and Anthropic only leases it, without buying.
The debt is split into two tranches. Bank of America, Citigroup, and Morgan Stanley are responsible for the first-lien secured financing; Blackstone is the committed capital provider for the second-lien secured financing. Broadcom provides residual value support for the senior debt, pledging to bear the corresponding portion of losses if equipment value depreciates, up to the amount of the first-lien debt. The specific size of the first-lien debt has not been disclosed. In other words, Broadcom is backstopping the value of its own chip assets.
Equipment deliveries begin in 2027. This is part of a broader computing supply agreement Broadcom previously participated in. Earlier, Apollo Global Management and Blackstone had already reached agreements with Broadcom to invest $35 billion (approximately 233.711 billion RMB) to expand Anthropic's AI computing infrastructure. Combined, the two rounds total nearly $100 billion.
Anthropic filed its IPO application on Monday local time. This listing is highly anticipated and could set records. However, high R&D spending and continuously disclosed safety concerns will also test the capital market's long-term confidence at the same time. Wall Street's willingness to shell out $63 billion shows that the financing channel for the AI computing arms race has opened. Traditional banks and alternative asset managers are becoming the operators of AI infrastructure financing.
The deeper meaning of this deal is that computing power is beginning to be financialized. Chips are becoming an asset that can be leased, financed, and backed with residual value guarantees by suppliers. In the future, building large models may not require shelling out huge sums upfront to buy chips — you can just lease them. Banks lend, Broadcom sells, Anthropic leases equipment, the risks are spread out, and the stakes are bigger.
发布时间: 2026-10-27 09:28