- Bank of America, Citigroup, Morgan Stanley, and Blackstone have committed $63 billion to finance Broadcom AI computing equipment that will be leased to Anthropic.
- The arrangement highlights the growing role of banks and private credit investors in financing AI infrastructure, as demand for computing capacity continues to accelerate.
- The deal presents new opportunities for financial institutions while raising concerns about equipment depreciation, uncertain future demand, and broader financial stability risks.
Four major financial institutions have agreed to a $63 billion financing arrangement that will fund the purchase of AI computing infrastructure for Anthropic. Under the agreement Bank of America, Citigroup, Morgan Stanley, and Blackstone will contribute to a newly formed a special-purpose vehicle (SPV) that will purchase Broadcom AI accelerators and networking equipment and lease them to Anthropic. The transaction is part of an existing Broadcom–Anthropic compute agreement.
The three banks will arrange the primary financing, while Blackstone will provide additional financing and Broadcom will help protect lenders against potential losses in the value of the underlying assets. The $63 billion represents committed financing and does not represent the value of equipment deliveries, which are expected to be completed in 2027.
The scale of the SPV is impressive. At $63 billion, the financing commitment is larger than many major corporate acquisitions. While equipment leasing and asset-backed financing are nothing new, the size of this arrangement demonstrates how AI infrastructure investment is creating demand for financing on a scale that few individual lenders could accommodate. The deal also illustrates how banks and private credit investors are eager to participate in building out AI infrastructure.
Historically, Anthropic has mostly relied on equity funding and strategic investments from technology companies to finance its AI development and infrastructure expansion. Amazon has invested billions in the company, while Anthropic raised $30 billion in a Series G round in February 2026 and another $65 billion in Series H funding in May.
Just as with today’s financing arrangement, both of the previous venture capital rounds were intended to support the company’s growing computing infrastructure needs. Today’s arrangement represents a different financing approach, bringing banks and private credit investors into the picture to finance the physical equipment supporting Anthropic’s AI operations.
For financial institutions, the deal highlights the growing opportunity to finance AI infrastructure. “The rapidly growing demand for AI is creating an enormous opportunity to finance compute capacity at scale,” said Blackstone President and COO Jon Gray.
Broadcom President and CEO Hock Tan echoed that optimism, pointing to the growing demand for AI computing power. “Fundamentally, the need for AI compute continues to grow at an extraordinary pace. This validates that there is capital available to finance such growth and that Broadcom is uniquely positioned to enable it.”
The financing arrangement follows Bank of Japan’s October financial stability report, which examined how AI infrastructure investment and nonbank financing could transmit risks through the financial system. While the growing demand for computing power presents new lending opportunities for banks, it also introduces risks tied to rapidly depreciating technology, uncertain future demand, and the potential for a slowdown in AI investment. Financial institutions are right to be wary of committing more capital to AI infrastructure, as they will need to balance the opportunity for growth against the possibility that the underlying assets may lose value faster than anticipated.