Broadcom’s 63 billion-dollar financing deal: supporting Anthropic’s computing deployment while bearing 43 billion dollars in peak risk exposure
Based on the size of an earlier deal, HSBC estimates that the new financing could support approximately 1.7 to 1.8 GW of computing capacity deployment. Against Broadcom management’s target of deploying 5 GW in 2027, the question of whether further similar financing will be needed has come into focus.
Original source：The Hongkong and Shanghai Banking Corporation LimitedFirst published on Unhidea：Original source date：
Key takeaway
The 63 billion-dollar financing provides funds for Anthropic to acquire Broadcom computing equipment, but Broadcom must also provide residual value support for the senior loans. HSBC is consequently monitoring future financing needs.
How does the 63 billion-dollar financing translate into purchases of Broadcom equipment?
On 26 October, Bank of America, Blackstone, Citi and Morgan Stanley announced a 63 billion-dollar deal to finance Anthropic’s deployment of AI computing capacity using Broadcom technology.
The transaction is being conducted through a newly established special purpose vehicle (SPV): financial partners commit financing, and the SPV uses the funds to purchase Broadcom XPU AI accelerators and networking solutions, then leases the equipment to Anthropic.
Bank of America, Citi and Morgan Stanley arrange the first-lien loans, while Blackstone is the sole provider to have committed second-lien loans.
What risks does Broadcom bear?
Broadcom will provide the SPV with residual value support equal to the amount of the first-lien loans, with peak risk exposure expected to be 43 billion dollars. The residual value support links the equipment’s future value to the risk borne by Broadcom.
Broadcom considers the probability of the residual value support being triggered to be low. Protective factors include Anthropic’s scale and market position, contractual payment obligations, the possibility of re-leasing or deploying the equipment, and the collateral value of the equipment itself.
How far does the new deal go toward the 5 GW deployment target?
At its fiscal 2026 third-quarter earnings call, Broadcom management said Anthropic would deploy more than 1 GW of AI computing capacity in 2026 and 5 GW in 2027.
Earlier, in June, a platform established by Broadcom with Apollo and Blackstone provided an initial 35 billion dollars to support deployment of more than 1 GW. Using a ratio of 35 billion dollars per 1 GW, HSBC estimates that the new deal could support approximately 1.7 to 1.8 GW. There remains a substantial gap relative to the 5 GW target for 2027, so HSBC is watching for further similar financing.
How does HSBC assess Broadcom?
HSBC maintains its “Buy” rating on Broadcom, with a target price of 560 dollars. The share price listed in the report was 329.17 dollars on 26 October 2026.
