Anthropic Closes $63B Chip SPV; Broadcom Also Lending $42B Directly

Anthropic has closed a $63 billion chip-leasing deal structured as a special purpose vehicle that borrows from banks and Blackstone, buys Broadcom XPU accelerators and networking gear, and is repaid through Anthropic's lease payments. Bank of America, Citi, and Morgan Stanley arranged the first-lien debt, while Blackstone provided the sole second-lien commitment. Broadcom is providing residual value support equal to the entire first-lien portion, effectively guaranteeing the future worth of the chips, and agreed to cover most of the loans if Anthropic stops making payments. Broadcom CEO Hock Tan negotiated directly with bank executives over a weekend and accepted higher interest rates to close the deal. Separately, Anthropic's IPO filing discloses that Broadcom has agreed to lend Anthropic up to $42 billion to finance infrastructure spending, a parallel arrangement that makes Anthropic Broadcom's projected largest chip-design customer. Chip deliveries are expected to start in 2027. Anthropic's IPO filing also reveals five-year, non-cancelable equipment leases with Broadcom worth approximately $161.2 billion in rent, and Anthropic deposited cash into a restricted account for Broadcom's benefit in April 2026. Certain payment or performance defaults could make a substantial portion of Anthropic's lease obligations immediately due. The IPO could value Anthropic at $2 trillion.