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Milbank LLP said in an announcement on its website on 26 October 2026 that it had advised Northstar Compute LLC, described as a new compute finance and lease platform, on its first capital raise. The firm said the raise totalled $63 billion in debt and equity, arranged by Bank of America, Blackstone, Citi and Morgan Stanley, and would enable the deployment of AI compute capacity built on Broadcom Inc.’s technology for Anthropic.
Key points
- Milbank said the $63 billion raise combined debt and equity from funding sources arranged by Bank of America, Blackstone, Citi and Morgan Stanley.
- According to the announcement, the transaction forms part of a strategic compute capacity agreement that Broadcom had previously announced, with deliveries expected to start in calendar 2027.
- Milbank said a newly formed special purpose vehicle would hold committed financing to fund the purchase of Broadcom XPU AI accelerators and networking equipment for lease to Anthropic.
- The firm said Bank of America, Citi and Morgan Stanley are arranging the first lien portion of the financing, while Blackstone is the sole provider of the committed second lien financing.
- Milbank said Broadcom is providing residual value support to the special purpose vehicle equivalent in amount to the first lien portion of the financing.
Financing structure
Milbank said the deal would be executed through the special purpose vehicle, with the lead financial partners committing funds to support the purchase of Broadcom’s XPU AI accelerators and networking solutions, which would then be leased to Anthropic. The firm described the arrangement as one that “highlights the deep collaboration across the AI technology and financial ecosystems.”
Legal team
Milbank said the deal was led by partners Joshua Forman, Jaime Ramirez, Daniel Bartfeld and Iliana Ongun. Further partners on the deal were named as Brian Troxler and Andrew Walker, together with Eschi Rahimi-Laridjani and Alexander Anderson. Brett Nadritch and Elizabeth Martinez also worked on the matter, alongside special counsel Jenna Darler. Milbank’s associates on the transaction were named as Charlie Rosenthal, Leslie Hamic and Oleg Kozel, together with Mai Mitsumori-Miller, Rachel Tay and Joshua Venne. Ian Hunley, Serge Holodny and Zack Ziegler completed the associate team, with law clerks Noa Ramos and Grayson Loudermilk also named as part of the group.