A $63 billion financing plan announced Oct. 26 will fund Broadcom equipment for Anthropic, a structure StoneX cited in maintaining its Buy rating on Nvidia.
Anthropic will lease Broadcom XPU accelerators and networking solutions from a newly formed special purpose vehicle (SPV) set up for the financing arrangement. Bank of America, Citi and Morgan Stanley will arrange the first-lien financing, while Blackstone has committed to part of a second-lien tranche. The announcement did not state how much of the $63 billion falls in each tranche.
Broadcom will offer residual-value backing for the equipment, with a ceiling set by the first-lien debt amount.
In its Oct. 26 S-1 filing, Anthropic put rent for Broadcom equipment at about $125.2 billion across a five-year period, excluding interest. Rent payments generally begin quarterly once the equipment is ready for service.
StoneX retained its Buy rating on Nvidia, citing investment from AI customers and financing support, including Broadcom’s role in the Anthropic deal.
Seaport’s new coverage examined Anthropic’s AI technology, funding needs and governance. It withheld an analyst rating until after the company’s IPO.
Shipments tied to the lease are expected to get underway in 2027.
