At a glance
- The financing, called Project North Star, is part of a previously announced strategic compute capacity agreement, with delivery of the semiconductors expected to start in 2027.
- Bank of America, Citi and Morgan Stanley arrange the first-lien portion, while Blackstone is the sole provider of the committed second-lien tranche, according to IREI.
- For Broadcom equity and bond holders, that residual-value support makes the chipmaker a backstop to the SPV on an amount equal to the first lien before hardware is delivered in 2027.
Bank of America, Citi, Morgan Stanley and Blackstone are arranging a $63 billion loan through a special-purpose vehicle to fund Anthropic's purchase of Broadcom-developed Google TPUs, Data Center Dynamics reported. The financing, called Project North Star, is part of a previously announced strategic compute capacity agreement, with delivery of the semiconductors expected to start in 2027.
Bank of America, Citi and Morgan Stanley arrange the first-lien portion, while Blackstone is the sole provider of the committed second-lien tranche, according to IREI. Broadcom is providing residual value support to the SPV equal to the first-lien amount. A Wall Street Journal report cited by Data Center Dynamics said CEO Hock Tan spent two months organizing the financing and that the banks accepted higher interest rates in exchange for guarantees protecting them from losses if Anthropic defaults.
For Broadcom equity and bond holders, that residual-value support makes the chipmaker a backstop to the SPV on an amount equal to the first lien before hardware is delivered in 2027. The recovery question turns on the SPV. IREI says the financing supports hardware to be leased to Anthropic, while Data Center Dynamics frames it as Anthropic's purchase. That changes whether lenders recover equipment inside the vehicle or a claim on Anthropic's balance sheet.
Anthropic in April 2026 said it had signed a deal with Broadcom and Google for 3.5GW of Google TPUs coming online from 2027, with the vast majority of the new compute in the United States, Data Center Dynamics reported. Anthropic described that capacity as part of a November 2025 pledge to invest $50 billion in US compute infrastructure.
Anthropic filed its S-1 on Oct. 26, disclosing $417 billion in compute commitments as of December 2025, as Private Wealth Daily previously reported. It reported $6.2 billion of debt and plans to list on Nasdaq under the symbol ANT. The $63 billion facility is about ten times the debt the filing reports, though whether it lands on Anthropic's balance sheet depends on whether the SPV owns the hardware and leases it, as IREI describes, or Anthropic buys it outright, as Data Center Dynamics describes.
Anthropic's commitments dwarf the $63B chip financing
Dollar amounts in $B: compute commitments (Dec 2025), the facility, the US pledge, reported debt
- Compute commitments$417B
- North Star facility$63B
- US compute pledge$50B
- Debt in S-1$6.2B
Show as table
| Item | Value ($B) |
|---|---|
| Compute commitments | $417B |
| North Star facility | $63B |
| US compute pledge | $50B |
| Debt in S-1 | $6.2B |
Reported by the Data centers & fiber desk from Data Center Dynamics, IREI and Wall Street Journal, as cited by Data Center Dynamics. Published . Corrections
