On October 26, 2026, Broadcom announced a $63 billion financing structure in which a special-purpose vehicle will buy Broadcom XPU accelerators and networking equipment, then lease them to Anthropic. First deliveries are expected from 2027. The vehicle raises the financing; Broadcom separately provides contingent residual-value support, with an estimated peak exposure of about $43 billion after deployment.
Who borrows, buys and leases the equipment
A special-purpose vehicle, or SPV, is a separate entity set up for a specific transaction. In North Star, the SPV raises the $63 billion, buys the equipment from Broadcom and leases it to Anthropic for AI computing capacity. The arrangement assigns the financing and equipment purchase to the SPV, while Broadcom supplies the technology and provides the separate support commitment.
Bank of America, Citi and Morgan Stanley arrange the first-lien financing. Blackstone is the anchor provider of the committed second lien. A lien is a lender’s secured claim; first- and second-lien labels indicate different priority levels. Broadcom’s transaction overview describes the financing and equipment flow.
An English-language interview featuring Gil Luria of D.A. Davidson and Dakin Campbell of The Information discusses SPVs and financing risks in AI infrastructure deals.
How Broadcom’s residual-value support works
Broadcom’s residual-value support, or RVS, is a contingent commitment tied to the value of the equipment. Under North Star’s formula, potential liability is the difference between 72.5% of outstanding lease amounts and the value recovered by selling the racks. Broadcom estimates that its potential exposure could peak at about $43 billion after deployment. That is a separate measure from the SPV’s $63 billion financing.
Broadcom says exposure would rise as racks are delivered and deployed, then decline as Anthropic makes lease payments. Its presentation illustrates a five-year, straight-line decline to zero and says actual timing may differ. Broadcom characterizes the potential exposure as low probability.
If Anthropic defaults, Broadcom lists several ways it could limit its exposure: assume the applicable lease, arrange a sale of the racks, or, under specified conditions, resell them to the seller at a fixed price. These are remedies described in Broadcom’s Form 8-K, not a statement that any has been used.
How North Star differs from earlier financing
A separate $35 billion Broadcom financing tranche began in June 2026, according to Reuters reporting. The earlier tranche had a different reported support formula and exposure estimate. NeoTeo previously covered reported discussions of a broader financing package; North Star is the separately announced $63 billion structure.
| Financing arrangement | Financing amount | Broadcom support formula | Estimated maximum potential exposure |
| North Star | $63 billion | 72.5% of outstanding lease amounts less rack-sale recovery | About $43 billion at peak after deployment |
| Earlier tranche, as reported | $35 billion | 85% of amounts still owed less equipment resale proceeds | About $29 billion after deployment |
The earlier tranche’s 85% formula and roughly $29 billion estimate are separate from North Star’s 72.5% formula and roughly $43 billion estimate. Reuters also separately reported that Anthropic could issue up to $42 billion in convertible notes at 9% for a different Broadcom TPU lease arrangement. That facility has a different structure from North Star: the notes would be issued by Anthropic, while the North Star SPV raises financing to buy equipment for lease.
