$63B SPV Will Buy Broadcom Chips and Lease Them to Anthropic

Bank of America, Blackstone, Citi and Morgan Stanley said on 26 October 2026 that they are financing a $63 billion special purpose vehicle that will buy Broadcom AI accelerators and networking equipment and lease them to Anthropic, according to a release Broadcom distributed through PRNewswire.

The release says the transaction is part of the compute capacity agreement Broadcom announced earlier, with deliveries expected to start in calendar 2027. Broadcom is backing the vehicle’s first lien with what it calls residual value support, which its own investor material puts at an expected peak exposure of $43 billion.

How the Structure Works

According to the release, the newly formed SPV has committed financing from the four firms to support the purchase of Broadcom XPU AI accelerators and networking solutions to be leased to Anthropic. Bank of America, Citi and Morgan Stanley are arranging the first lien portion, with Blackstone as “the sole provider of the committed portion of the second lien financing”.

Broadcom’s investor infographic describes the SPV as the borrower, technology owner and lessor, and Anthropic as the lessee using the technology for AI workloads. It calls Blackstone the anchor provider of the second lien. The release does not say how the $63 billion splits between the two liens.

Broadcom’s Residual Value Support

The release says Broadcom is providing residual value support to the SPV “for the amount equivalent to the first lien portion of the financing”.

Broadcom’s infographic says its potential liability is “any difference between 72.5% of the outstanding amounts owed on the lease and the value of the AI racks received”. It says “Peak exposure expected to be $43 billion and decline to zero”, and that “RVS is not a direct cash outlay”.

The infographic shows the support amortising to zero on a straight-line basis over five years of lease payments, in a chart it labels illustrative. It lists four protections it says stand ahead of the support: Anthropic’s scale and market position, contractually obligated payments, re-leasing and redeployment of the technology, and the technology’s collateral value.

Sources: Broadcom and the four firms’ release and Broadcom’s investor infographic, 26 October 2026; Anthropic, PBC Form S-1 filed 26 October 2026

What Anthropic’s S-1 Says

Anthropic’s Form S-1, made public the same day, describes a March 2026 equipment lease with Broadcom to procure specialised AI accelerators and associated components, “under which Broadcom intends to assign to a designated financial partner”. It says Anthropic’s rent over the life of its five-year Broadcom leases totals approximately $161.2 billion excluding interest, and that the leases are accounted for as finance leases.

The filing says the leases are non-cancelable by either party except in the case of a default, and that two Anthropic special purpose subsidiaries signed them under Anthropic’s guarantee. It says Anthropic may issue up to $42.0 billion of convertible notes to Broadcom or a designated financial partner to finance its rent, and that in the second quarter of 2026 Broadcom assigned a portion of its rights under one of the leases to another third party.

Connecting the Coverage

On 2 October we reported Bloomberg’s account of a $60 billion package with a $42 billion senior tranche and an $18 billion junior tranche led by Blackstone; the release now puts the total at $63 billion. Today’s exit-rights piece set out which of Anthropic’s compute deals it can end. Our leases piece tracked $1.2 trillion of hyperscaler leases not yet on the books, and our Meta piece covered its $35 billion stock sale.

The Structural Read

Anthropic’s S-1 already said Broadcom intended to assign the March 2026 lease to a designated financial partner. As we read it, the SPV is the kind of financing route the filing anticipated; neither document says whether it is that partner.

Broadcom says its support is not a direct cash outlay and amortises to zero over five years. As we read it, the risk Broadcom keeps is the gap between 72.5% of what is still owed on the lease and what the racks are worth if they come back.

Anthropic’s S-1 shows the other side of the lease: about $161.2 billion of rent over five years excluding interest, accounted for as finance leases and non-cancelable except in default.

Three Implications

FOR BROADCOM SHAREHOLDERS Broadcom’s infographic puts peak residual value exposure at an expected $43 billion, declining to zero over five years of lease payments, and says it is not a direct cash outlay.

FOR LENDERS Bank of America, Citi and Morgan Stanley arrange the first lien and Blackstone is the sole provider of the committed second lien, the release says.

FOR ANTHROPIC’S INVESTORS The S-1 describes the Broadcom leases as non-cancelable except in default, with about $161.2 billion of rent over five years excluding interest.

The Business Engineer Lens

This story maps onto the Business Engineer framework The AI Capex Map & The State of AI Hyperscalers.

The framework argues that the capex race is no longer a corporate spending cycle: it is a sovereign-scale financing problem dressed in tech-company clothing.

As we read it, today’s SPV is that financing problem in one structure: a chip supplier, three banks and a private-credit firm combining to fund hardware for one AI lab. The framework was published in May 2026 and does not discuss this transaction.

What Is Not Established

The release does not give the split between the first and second lien, the interest rates, the maturity or the number of accelerators. Broadcom labels its exposure chart illustrative. We found no statement in the release or the infographic on how the SPV is accounted for by Broadcom or the lenders, and neither document says whether the SPV is the designated financial partner the S-1 mentions. We did not contact the companies.

The Bottom Line

Bank of America, Blackstone, Citi and Morgan Stanley are financing a $63 billion SPV that will buy Broadcom AI chips and networking equipment and lease them to Anthropic, the firms said on 26 October 2026. Broadcom backs the first lien with residual value support that its infographic puts at an expected peak exposure of $43 billion, declining to zero.