Wall Street Begins Syndicating $60 Billion Financing for Anthropic Chips

Bank of America, Citigroup, and Morgan Stanley have begun syndicating a $60 billion debt financing deal enabling Anthropic to lease AI chips from Google, according to a Financial Times report via the Guandian platform. The deal is described as the largest AI chip financing transaction to date.

The financing consists of a primary secured loan of $42 billion backed by Broadcom, which began syndication to other banks on Monday, alongside $18 billion in subordinated debt not backed by Broadcom, expected to be offered later. Blackstone has committed approximately $9 billion to the subordinated tranche.

Proceeds from the financing will cover Anthropic's chip orders for 2027, with lease payments commencing after chip delivery. This structure links the surging demand for compute capacity with debt markets, converting heavy asset costs into operational expenditures spread over years.

The deal bolsters Anthropic's position in the frontier model race, as AI companies bet on securing massive volumes of chips for decades to come. Analysts note that relying on asset-backed debt expands the risk scope from startups to participating banks and institutional investors in the financing.

What do these terms mean?

Subordinated debt: Debt that ranks lower than secured debt in repayment priority, carrying higher risk and yield. Secured loan: A loan repaid first in the event of default, backed by assets or a third-party guarantee. Frontier models: The most advanced AI models at a given time, which are costly to train and operate.