Bank of America, Blackstone, Citi, and Morgan Stanley announced a USD 63 billion transaction to enable the deployment of AI compute capacity for Anthropic, leveraging Broadcom Inc.'s technology. The deal is part of a strategic compute capacity agreement previously announced by Broadcom, with expected deliveries starting in calendar 2027.

Structure of the Transaction

The transaction will be executed through a newly formed special purpose vehicle, or SPV, with committed financing from the four Lead Financial Partners. The financing supports the purchase of Broadcom XPU AI accelerators and networking solutions to be leased to Anthropic.

The first lien portion of the financing is being arranged by Bank of America, Citi and Morgan Stanley, while Blackstone is the sole provider of the committed portion of the second lien financing. Broadcom is providing residual value support to the SPV in an amount equivalent to the first lien portion of the financing.

Executive Perspectives

Jon Gray, President and COO of Blackstone, said the rapidly growing demand for AI is creating an enormous opportunity to finance compute capacity at scale, adding that Blackstone is proud to help advance the buildout with Broadcom.

Dan Simkowitz, Co-President of Morgan Stanley, described the transaction as an important milestone in enabling the next buildout of AI compute capacity, noting that Morgan Stanley has been at the forefront of designing scalable capital solutions for AI infrastructure.

Vis Raghavan, Head of Banking and Executive Vice Chair at Citi, said financing AI demands capital solutions at unprecedented scale and that Citi is proud to pioneer innovative structures using its global capital markets structuring and distribution expertise to help accelerate the buildout of critical AI infrastructure.

Jim DeMare, Co-President of Bank of America, said advancing AI responsibly requires turning ambitious technology plans into tangible compute infrastructure, pointing to the bank's infrastructure financing expertise, advisory capabilities, and broad capital solutions platform.

Hock Tan, President and CEO of Broadcom, said the transaction underscores the power of the company's advanced technology and its strong conviction in the AI ecosystem, noting that the need for AI compute continues to grow at an extraordinary pace. Tan said the deal validates that capital is available to finance such growth and that Broadcom is uniquely positioned to enable it.

Advisors to the Transaction

Kirkland & Ellis LLP is serving as legal counsel to Blackstone. Latham & Watkins LLP is serving as legal counsel to Bank of America, Citi and Morgan Stanley. Sullivan & Cromwell LLP is serving as legal counsel to Broadcom, with Evercore serving as Broadcom's financial advisor.

About the Participating Firms

Blackstone is the world's largest alternative asset manager, with nearly USD 1.4 trillion in assets under management spanning real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds.

Bank of America serves more than 69 million clients through approximately 3,500 retail financial centers and approximately 15,000 ATMs, with operations across the United States and more than 35 countries and jurisdictions. It is the number one small business lender in the United States according to the FDIC.

Citi does business in more than 180 countries and jurisdictions, providing a broad range of financial products and services to corporations, governments, investors, institutions and individuals.

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