Broadcom finalizes $63 billion financing transaction for Anthropic; AI infrastructure financing increasingly relies on debt markets

Broadcom announced a $63 billion financing transaction with Bank of America, Blackstone, Citigroup and Morgan Stanley, borrowing funds through newly established special purpose vehicles (SPVs) to purchase Broadcom XPU AI accelerators and networking solutions, then leasing them to Anthropic; equipment deliveries are expected to begin in 2027, rental payments will be used to repay the loans, and Broadcom is providing guarantees to the lenders. According to foreign media reports, the deal, named "Project Polaris," was personally brokered by Broadcom CEO Hock Tan; some banks had hesitated due to rising interest rates and insufficient returns, and Broadcom ultimately agreed to raise the loan interest rate. The financing includes approximately $43.5 billion of senior secured loans, accounting for 69%, and Blackstone committed approximately $18 billion of subordinated secured loans. According to Morgan Stanley estimates, global AI-related debt issuance has totaled approximately $466 billion so far this year, compared with $101 billion in the same period last year. Anthropic's prospectus shows that the company will pay more than $125.2 billion to lease Broadcom chips; in the first half of 2026, revenue was $16.286 billion and net loss was $80.748 billion; since the end of 2025, it has committed up to $417 billion for compute and infrastructure.