TREE NEWS update: Bank of America, Blackstone, Citigroup and Morgan Stanley will build a $63 billion financing structure to support AI compute capacity, the four firms said in a joint announcement. A newly created special purpose vehicle will buy Broadcom XPU AI accelerators and networking solutions and lease them to Anthropic. BofA, Citi and Morgan Stanley are arranging the first-lien financing, Blackstone is sole funder of the second-lien portion, and Broadcom provides residual-value support matching the first-lien amount. Deliveries are expected to begin in 2027.
BofA, Blackstone, Citi, Morgan Stanley Arrange $63B Financing for Anthropic Broadcom Chips
AI take
The structure matters more than the dollar figure: a special purpose vehicle buying chips and leasing them to a single AI lab turns compute into a securitizable asset, with Broadcom backstopping residual value and Blackstone taking the subordinated slice. This pulls large banks deeper into AI infrastructure credit and makes Anthropic's capacity dependent on a financing chain rather than its own balance sheet. Whether this SPV-and-lease template becomes a repeatable model for other labs, and how the second-lien risk is priced, are the open questions to watch.
Generated by AI for reference only.
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