Wall Street has found a new way to pay for the AI boom: borrow for it, then rent it out. Banks are syndicating a record $60 billion debt financing package — selling portions of the debt to outside investors rather than holding it all on their own books — to fund AI chip purchases and infrastructure leases, with the bulk of the capital directed toward Anthropic. The money flows toward Broadcom's custom silicon, and the timing is hard to ignore: the package arrives in the same week Anthropic's IPO prospectus became public.

How the $60 billion stack is built

The top layer is a $42 billion Class A senior-secured tranche, whose investors stand first in line for repayment. Bank of America, Citigroup and Morgan Stanley are among the major banks marketing it to investors.

Below that sits an $18 billion Class B junior tranche led by Blackstone, one of the world's largest alternative asset managers. The private equity giant is committing $9 billion of its own money to that slice. As of October 2, 2026, the package was still being syndicated.

Lease, don't buy

Anthropic is not writing a check for the chips outright. Instead, investors fund chip purchases through a special-purpose vehicle — a ring-fenced entity created to hold a specific asset, a structure long used in asset-backed finance for everything from aircraft to ships. That vehicle owns the hardware and then leases it to Anthropic.

Anthropic's IPO prospectus, the formal disclosure document published ahead of a public listing, filed around October 1, 2026, added more detail. It noted that Broadcom may commit to provide up to $42 billion in lending, potentially convertible into Anthropic equity.

That potential facility would support one-third of a $125.2 billion lease commitment for tensor processing units, or TPUs — specialized chips designed to handle the math that powers AI models.

Background: this is round two

The $60 billion package is not the first act. A $35 billion financing tranche closed in June 2026 under the Broadcom-Apollo-Blackstone AI XPV partnership. That partnership targets an expansion of Anthropic's computing capacity using Broadcom's custom chips and networking technology.

The broader expansion aims to reach over 20 gigawatts of compute capacity by 2028 — a scale where a single gigawatt approximates the output of a large nuclear power reactor. Anthropic itself was valued at $65 billion after a May 2026 funding round.

What this means

For Broadcom, the deal reinforces its role as a serious supplier in the AI accelerator market. Anthropic could become Broadcom's largest custom-chip client by fiscal year 2027.

For investors in Anthropic, a $125.2 billion lease commitment is the kind of number that prospective IPO buyers will read twice. Revenue growth will need to keep pace with rent.

AI chips age quickly as newer generations arrive, which raises questions about how well the collateral holds its value over a long lease term. Junior tranche holders, including Blackstone, would feel any stress first.

There is also concentration risk. A large share of the financing hinges on a single tenant — Anthropic — meeting its obligations over time.

The key detail to watch is whether Broadcom's potential $42 billion lending commitment is finalized, and whether any of it converts into equity. That outcome could reshape the relationship between Anthropic and its key chip partner well beyond 2027.