Broadcom plans residual-value support equal to the first-lien portion
Bank of America, Blackstone, Citi and Morgan Stanley are forming a $63 billion special-purpose vehicle to purchase Broadcom artificial-intelligence infrastructure and lease it to Anthropic, according to The Wall Street Journal. The named institutions are supplying the financing, while Broadcom is supplying the equipment and plans to provide residual-value support equal to the first-lien portion.
The vehicle will acquire Broadcom’s XPU AI accelerators and networking solutions for lease to Anthropic. The transaction is part of Broadcom’s existing strategic compute capacity agreement, placing the equipment purchase and Anthropic lease within a dedicated financing structure.
Deliveries of the Broadcom AI computing infrastructure to the new vehicle are expected to begin next year.
Bank of America, Citi and Morgan Stanley are arranging the first-lien portion of the financing. Blackstone is providing the committed portion of the second-lien financing.
Broadcom also plans to provide residual-value support to the new entity equal to the first-lien portion. Broadcom’s role therefore extends beyond supplying the accelerators and networking solutions that the vehicle will purchase.
Broadcom Chief Executive Hock Tan said, “Fundamentally, the need for AI compute continues to grow at an extraordinary pace,” and “This validates that there is capital available to finance such growth and that Broadcom is uniquely positioned to enable it.”
The financing announcement came hours after Anthropic publicly unveiled its filing for an initial public offering. The Wall Street Journal reported that the filing could value Anthropic between $1.5 trillion and $2 trillion.
Together, the transaction combines a dedicated purchase-and-lease vehicle with first- and second-lien financing and Broadcom’s planned residual-value support. The vehicle will acquire the XPU accelerators and networking solutions for Anthropic, with deliveries expected to begin next year.