[FLASH] BofA, Citi, Morgan Stanley and Blackstone commit $63B to an SPV leasing Broadcom AI chips to Anthropic
A newly formed special purpose vehicle will buy Broadcom XPU accelerators and networking gear and lease them to Anthropic, with deliveries starting in 2027. BofA, Citi and Morgan Stanley are arranging the first-lien debt (about $43.5B according to Reuters sources), and Blackstone is the sole provider of the committed second lien. Broadcom is giving residual value support to the senior lenders. Reuters called it one of the largest debt deals tied to the AI buildout, and Moody's said Broadcom's risk would rise if it did several such deals in a short span. Next to watch: final pricing and whether other AI labs adopt the same vendor-backstopped lease structure.