Bank of America, Blackstone, Citi and Morgan Stanley have announced a US$63bn financing structure to acquire artificial intelligence computing equipment from Broadcom and lease it to Anthropic, creating an unusually large example of asset-backed funding for technology infrastructure.

The transaction, announced on 26 October, will use a newly established special-purpose vehicle (SPV) to purchase Broadcom’s XPU AI accelerators and networking equipment. The assets will then be leased to Anthropic under a structure designed to finance computing capacity without requiring the technology company to purchase the equipment directly.

Bank of America, Citi and Morgan Stanley are arranging the first-lien financing, while Blackstone will provide the committed portion of the second-lien financing. Broadcom will provide residual-value support to the vehicle equivalent to the amount of the first-lien financing.

That last provision is particularly important to the transaction’s risk allocation.

Unlike a conventional corporate loan, in which repayment depends primarily on the borrower’s overall financial position, the structure places identifiable technology assets inside a dedicated financing vehicle, supported by contractual leasing arrangements.

Broadcom’s residual-value commitment addresses part of the risk that the equipment could be worth less than expected if the financing structure needs to realise value from those assets.

The arrangement illustrates how lenders and private-credit investors are adapting asset-financing techniques to the extraordinary capital requirements of artificial intelligence infrastructure.

Computing accelerators require substantial upfront expenditure, while the economic return depends on their utilisation over time. Their value can also be affected by rapid technological development and the introduction of more powerful hardware.

The financing forms part of Broadcom’s previously announced strategic computing agreement, with equipment deliveries expected to begin during 2027.

For financiers, the transaction brings together bank-arranged senior debt, private-credit participation, supplier-backed residual-value protection and future contractual lease payments within a single financing structure.

However, the announcement does not disclose the precise allocation between first-lien and second-lien funding, the interest rates, the maturity of the financing or the detailed repayment schedule.

Nor does the announcement establish that the entire US$63bn has already been deployed or that all equipment has been acquired.

The significance lies in the scale of committed institutional financing and the allocation of asset and payment risks across several counterparties. It demonstrates how structures traditionally associated with equipment leasing and asset-backed credit are being adapted to finance some of the world’s largest technology investments.