$63 billion SPV reportedly lined up to finance Broadcom chips for Anthropic

Wall Street banks and Blackstone are reportedly putting together a $63 billion special purpose vehicle (SPV) to pay for the Broadcom AI chips that Anthropic uses (Investing.com, Quartz). According to the reports, Broadcom would support the chips' residual value under the arrangement. Two other chip lease financings were reported the same day. Together, the three come to about $108 billion. As money pours into AI compute, chip sellers are starting to take on part of their buyers' credit risk.

All of the figures and structures described here come from news reports. They have not been confirmed by announcements from Anthropic, Broadcom or Blackstone, or by regulatory filings. Terms such as the interest rate, the duration and the extent of the residual value support could not be verified for this article.

The reported structure: a $63 billion SPV, with Broadcom backing residual value

According to the reports, the plan works like this. A bank group and Blackstone put up the money, and the SPV uses it to buy the chips. Anthropic uses the chips and pays the SPV for them. Anthropic does not have to borrow $63 billion at once on its own balance sheet.

The key is Broadcom's role. For lenders, the biggest worry is how much the chips will still be worth when the lease ends. AI accelerators turn over quickly from one generation to the next, so it is hard to predict their resale value a few years out. According to the reports, Broadcom would support this residual value. If the chips end up worth less than expected, the seller would apparently cover part of the shortfall.

For lenders, that means two counterparties. Anthropic makes the payments, and Broadcom supports the value of the collateral. Broadcom books revenue, and at the same time it takes a bet on the future value of the products it sold and on the prospects of the customer using them.

Two more deals the same day: SpaceX and Apollo's $40 billion, Argentum AI's $5 billion

Two other chip financings were reported the same day.

SpaceX and Apollo: $40 billion

SpaceX has reportedly entered a $40 billion AI chip-financing deal with Apollo (Investing.com). SpaceX has absorbed xAI, so the compute for Grok and Grok Bot would be funded with money from a major private credit firm.

Argentum AI: $5 billion in talks

Neocloud Argentum AI is in talks for $5 billion in financing for AI chips, according to sources (MarketScreener). The talks are still underway, and no deal has been reached.

Adding $63 billion, $40 billion and $5 billion gives about $108 billion. But that total combines three very different deals. The Anthropic deal is still a plan, the SpaceX deal has reportedly been signed, and the Argentum deal is still being negotiated. About $108 billion did not change hands in a single day. The accurate reading is that about $108 billion worth of deals were reported in a single day.

When the seller takes on the buyer's credit risk

All three deals finance AI chips through vehicles that use the chips themselves as collateral, rather than through the labs' or neoclouds' own cash or ordinary corporate bonds. On top of that, in the Anthropic deal the seller, Broadcom, reportedly supports the value of that collateral.

This follows the same logic as vendor financing. When a seller helps fund its customers' purchases, it books more revenue, and books it sooner. In exchange, the seller shares the loss if the customer cannot pay or the product's value collapses. Anthropic is a major customer for Broadcom. It is also a company that has not yet gone public, and that faces questions over whether its revenue growth can keep up with its compute bills. By supporting residual value, Broadcom would tie its results to both Anthropic's credit and the resale value of AI chips.

This also fits with reporting over the past month. The Information reported that Anthropic is pushing partners to speed up about $530 billion in data center leases. One issue in Anthropic's IPO is the details of compute commitments that total about $600 billion. At Meta, attention has focused on about $825 billion in off-balance-sheet commitments and on its credit default swaps (CDS) reaching record levels. Among neoclouds, attention is on CoreWeave's CDS and bonds. Who carries the cost of compute, and where? These three deals add two answers: the chip sellers, and private credit vehicles.

What it means for Anthropic ahead of its IPO

Anthropic is reportedly preparing for a roadshow and IPO in November. If the $63 billion SPV is actually set up, the focus will be on how it is disclosed in the S-1/A. Will the SPV's borrowings be consolidated into Anthropic's accounts, or will they appear in the notes as lease payment commitments? And how much will be disclosed about Broadcom's residual value support? Investors need these answers to gauge Anthropic's total obligations.

On Broadcom's side, the question is how much of its residual value support will be disclosed as guarantees or contingent liabilities. Part of what looked like revenue growth would turn out to be commitments tied to a customer's credit.

What we don't know yet

At least the following points from the reports have not yet been confirmed.

First, the level and scope of the residual value Broadcom would support: all of it or part of it, and as of what date. Second, the SPV's interest rate and duration, which banks are in the group, and how much Blackstone is putting in. Third, whether Anthropic, Broadcom and Blackstone will officially confirm the deal. Fourth, whether the $63 billion is part of Anthropic's previously reported compute commitments or comes on top of them. Fifth, which chips the $40 billion SpaceX–Apollo deal covers, and who supports their value.

There have been past cases where reported amounts differed widely from the amounts that later appeared in filings. Until figures appear in the S-1/A or in Broadcom's next disclosures, both the $63 billion and the roughly $108 billion should be treated as reported figures.