Bank of America, Blackstone, Citigroup, and Morgan Stanley have entered into a $63 billion loan agreement to finance Anthropic's purchase of Broadcom-developed Google Tensor Processing Units (TPUs).

The deal, known as Project North Star, was engineered by Broadcom and forms part of a previously announced strategic compute capacity agreement by the chipmaker. Delivery of the semiconductors is expected to start in 2027.

According to a report from the Wall Street Journal, Broadcom CEO Hock Tan spent two months organizing the deal, holding talks with the banks over the weekend (October 24-25) to finalize their commitment to the financing agreement. The report added that banks also agreed to higher interest rates on the loans, with Broadcom offering guarantees that will protect them from losses should Anthropic end up defaulting on the loans.

The transaction will be executed via a newly formed special purpose vehicle (SPV), with the first lien portion of the financing to be arranged by Bank of America, Citi and Morgan Stanley. Blackstone will act as the sole provider of the committed portion of the second lien financing, with Broadcom providing residual value support to the SPV for the amount equivalent to the first lien portion of the financing.

In April 2026, Anthropic announced it had signed a deal with Broadcom and Google for the supply of 3.5GW-worth of Google TPUs, slated to come online from 2027.

At the time, Anthropic said the “vast majority of the new compute” would be situated in the United States and would form part of the company’s November 2025 pledge to invest $50bn in strengthening US compute infrastructure.

Yesterday (October 26), Anthropic filed its S-1 IPO paperwork, in which the company revealed it had $417bn in compute commitments, as of December 2025.

"These primarily consist of leases for compute equipment and data centers and purchase commitments with certain cloud providers, commencing between 2026 and 2027 with terms ranging from less than one year to 20 years,” the filing read.

Anthropic reported that revenue grew 1,300 percent in H1 2026, to total $16.3bn. In the same timeframe, it reported a net loss of $80.7bn, but said that $72.4bn of that loss was due to a one-off accounting charge. In the first half of the year, the company's operating losses shrank to $693 million from $2.1bn for the same period of 2025. Anthropic also reported $6.2bn in debt.

Anthropic is set to list on the Nasdaq under the symbol ANT.