NEW YORK — Four of the biggest names in American finance have agreed to provide about $63 billion for Broadcom's artificial intelligence hardware, under an arrangement in which a newly created company buys the equipment and rents it to Anthropic rather than the AI developer paying for it outright.

Bank of America, Blackstone, Citi and Morgan Stanley announced the financing alongside Broadcom on Monday. A special purpose vehicle formed for the transaction will buy Broadcom's XPU AI accelerators and networking products and lease them to Anthropic, the companies said, with deliveries expected to begin in 2027.

The structure matters as much as the sum. It shows how much of the money behind the AI buildout is now borrowed and engineered rather than paid out of operating cash. Reuters described the transaction as one of the largest debt deals tied to the AI buildout. Bloomberg reported that companies have borrowed more than $455 billion worldwide this year for AI-related spending.

About $43.5 billion, or 69 percent of the total, is first-lien senior debt, two people familiar with the matter told Reuters. The companies did not publish a breakdown of the package. Bank of America, Citi and Morgan Stanley are arranging the first-lien portion, while Blackstone is the sole provider of the committed second-lien financing, which ranks behind the senior loans.

Broadcom is giving what the companies call residual value support to the vehicle, in an amount equal to the first-lien financing. In effect the chipmaker agrees to absorb a fall in the value of the equipment, handing senior lenders a cushion that Reuters described as effectively a significant guarantee within the structure.

The transaction "validates that there is capital available to finance such growth", Hock Tan, Broadcom's president and chief executive, said in the announcement. Jon Gray, Blackstone's president and chief operating officer, said the rapidly growing demand for AI "is creating an enormous opportunity to finance compute capacity at scale".

Getting the banks to that point was not straightforward. Tan spent close to two months pressing lenders to commit more than $40 billion, the Wall Street Journal reported. Some grew uneasy as interest rates rose and investors turned more cautious on AI credit, decided they were not being paid enough for the risk and considered withdrawing. Tan then held eleventh-hour talks with bank executives and agreed to higher interest rates on the loans, according to the Journal, while the lenders won firmer protection against losses should Anthropic fail to make its lease payments.

The banks do not plan to hold all of the exposure. They are lending about $42 billion, a figure Bloomberg puts slightly below the senior tranche Reuters reported, and expect to refinance up to half of it in the US high-grade corporate bond market, with a sale of as much as $21 billion possible as early as the first quarter of 2027, Bloomberg reported, citing people familiar with the plan. Those notes would probably mature in about five years, with principal repaid over their life. Blackstone is anchoring the junior portion with a commitment of about $9 billion, Bloomberg has reported, and more banks are expected to submit commitments in the coming days, which leaves part of the $63 billion still to be allocated publicly. Representatives for Broadcom, Blackstone, Bank of America, Citi and Morgan Stanley declined to comment to Bloomberg.

This is the second large financing Broadcom has helped arrange this year for Anthropic's computing needs. Apollo Global Management and Blackstone previously agreed to fund a $35 billion expansion, in which Broadcom's backstop ran to as much as $29 billion, according to a company filing cited by Reuters. Anthropic, the maker of the Claude chatbot, filed on Monday to list on Nasdaq under the ticker ANT in what Reuters called a potentially record-breaking offering.

Lenders are not uniformly comfortable with the pattern. Moody's has called Broadcom one of the strongest large technology companies, but the rating agency warned that risk would rise if several such transactions were done over a short period, according to Reuters. Rosenblatt estimates that Broadcom earns roughly 200 basis points on the amount it backstops, on top of what it charges for the chips themselves.

Equity investors read the announcement as reassuring. The Nasdaq Composite closed at 26,477.81 on Tuesday, up 308 points or 1.2 percent from Monday's 26,169, with Broadcom leading a rally in chip stocks. Navitas Semiconductor rose 11.1 percent and Astera Labs 10.3 percent, while the Dow Jones Industrial Average added 0.1 percent.

Leasing has spread quickly through the industry. SpaceX signed an equipment-finance lease worth roughly $40 billion with Apollo Global Management on Monday to pay for AI chips, Bloomberg reported, with the leases expected to begin in the first half of 2027 and the deal expected to close before the end of this year.

Deliveries of the Broadcom hardware are due to start next year, and the banks' bond sale could follow in the first three months of 2027, although Bloomberg reported that the final size and timing will depend on market conditions.