Bank of America, Citigroup and Morgan Stanley are preparing a high-grade bond offering of as much as $21B to fund the senior portion of a $63B debt facility for Anthropic. The funding, which the lenders plan to issue as early as next year, supports a separate financing vehicle that will purchase AI accelerators and networking gear from Broadcom and lease them to the AI developer starting in 2027. The arrangement is the largest ever for AI infrastructure, bringing Anthropic’s total debt-backed compute financing to $138B.
To secure the deal, Broadcom provided residual value support for the senior lien of the loan, covering approximately $43.5B if Anthropic defaults. Blackstone provides $9B of the $18B junior tier, which carries a yield exceeding 10%. This rate is significantly higher than the roughly 7% typically paid by other borrowers with similar BB+ credit ratings. While the banks provide the primary capital, the deal is structured so Broadcom assumes the bulk of the hardware risk to facilitate the startup’s access to TPUs and other XPUs.