Blackstone has taken a second lien position in a $63bn financing package supporting a strategic compute capacity agreement between Broadcom and Anthropic, with deliveries expected to begin in calendar 2027. The capital structure is split into two layers. Bank of America, Citi, and Morgan Stanley are arranging the first lien financing, while Blackstone is the sole provider of the committed second lien portion. Broadcom, in turn, is providing residual value support to the SPV equal to the size of the first lien tranche.
The deal underscores the growing demand for AI compute infrastructure, with Anthropic securing access to custom silicon from Broadcom. The financing structure reflects lender risk allocation, with first lien holders taking priority and Blackstone's second lien positioned behind.
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Source: PE Insights · Summarized by HeadlinesBriefing