Milbank LLP represented Northstar Compute LLC (“North Star”), a new compute finance and lease platform, in its inaugural capital raise, comprised of $63 billion in debt and equity from a combination of funding sources arranged by Bank of America (NYSE: BAC), Blackstone (NYSE: BX), Citi (NYSE: C) and Morgan Stanley (NYSE: MS). The transaction will enable the deployment of AI compute capacity, leveraging Broadcom Inc.'s (NASDAQ: AVGO) technology, for Anthropic. This transaction is part of the strategic compute capacity agreement previously announced by Broadcom, with expected deliveries starting in calendar 2027.
The transaction will be executed through a newly formed special purpose vehicle with committed financing from the lead financial partners to support the purchase of Broadcom XPU AI accelerators and networking solutions to be leased to Anthropic. The first lien portion of the financing is being arranged by Bank of America, Citi and Morgan Stanley, with Blackstone as the sole provider of the committed portion of the second lien financing. Broadcom is providing residual value support to the SPV for the amount equivalent to the first lien portion of the financing. This transaction highlights the deep collaboration across the AI technology and financial ecosystems.
The Milbank team was led by partners Josh Forman, Jaime Ramirez, Dan Bartfeld and Iliana Ongun.
The team also included partners Brian Troxler, Andrew Walker, Eschi Rahimi-Laridjani, Alexander Anderson, Brett Nadritch and Elizabeth Martinez; special counsel Jenna Darler; associates Charlie Rosenthal, Leslie Hamic, Oleg Kozel, Mai Mitsumori-Miller, Rachel Tay, Joshua Venne, Ian Hunley, Serge Holodny and Zack Ziegler; and law clerks Noa Ramos and Grayson Loudermilk.
