Citigroup, other lenders enter $63 billion Anthropic chip-financing deal

Citigroup joins $63 billion financing agreement

Bank of America, Blackstone, Citigroup and Morgan Stanley entered into a $63 billion loan agreement to finance Anthropic’s purchase of Broadcom-developed Google Tensor Processing Units, according to reporting published on October 27, 2026. The transaction, known as Project North Star, is being executed through a newly formed special-purpose vehicle.

Citigroup and Morgan Stanley will join Bank of America in arranging the first-lien portion of the financing. No separate allocation for Citigroup was disclosed in the reviewed reporting.

Broadcom structures the financing

Broadcom organized Project North Star as part of a previously announced strategic compute-capacity agreement. Chief Executive Officer Hock Tan reportedly spent two months arranging the financing and held talks with the lenders over the weekend of October 24-25, 2026, according to a Wall Street Journal report cited by Data Center Dynamics.

The lenders also agreed to higher interest rates on the loans. Broadcom is providing guarantees intended to protect lenders if Anthropic defaults and is supplying residual-value support to the special-purpose vehicle equal to the first-lien financing amount.

Blackstone is the sole provider of the committed second-lien financing.

Anthropic’s chip supply begins in 2027

The financing will support Anthropic’s purchase of Broadcom-developed Google TPUs, with semiconductor deliveries expected to begin in 2027. In April 2026, Anthropic announced an agreement with Broadcom and Google covering 3.5 gigawatts of Google TPUs slated to come online from 2027.

Anthropic said most of the new compute capacity would be located in the United States and would form part of its November 2025 pledge to invest $50 billion in U.S. compute infrastructure. The reviewed reporting did not provide a purchase price for the chips or show that the $63 billion had already been disbursed.

Financing is tied to Anthropic’s reported scale

Anthropic disclosed $417 billion in compute commitments as of December 2025 in an S-1 filing submitted on October 26, 2026. The filing said those commitments primarily consisted of leases for compute equipment and data centers and purchase commitments with cloud providers, beginning between 2026 and 2027 with terms ranging from less than one year to 20 years.

The same filing reported first-half 2026 revenue of $16.3 billion, up 1,300%, and a net loss of $80.7 billion. Anthropic attributed $72.4 billion of the loss to a one-off accounting charge and reported operating losses of $693 million, compared with $2.1 billion in the first half of 2025. It also reported $6.2 billion of debt and was preparing to list on Nasdaq under the symbol “ANT.”

Next milestone is semiconductor delivery

The next disclosed milestone is the expected start of semiconductor deliveries in 2027. The reporting does not specify the precise delivery date, the separate financing commitment attributable to Citigroup or other terms of the loan agreement.