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Anthropic offers Blackstone double-digit yield in $60 billion chip financing plan

Anthropic is offering Blackstone yields above 10% to back a planned $60 billion financing package to lease Google AI chips, according to reports.

Blackstone and Anthropic logos displayed side by side.
Image: @analyticsinme

Anthropic is offering Blackstone a yield exceeding 10% to help finance a $60 billion debt package designed to purchase Google Tensor Processing Units (TPUs), according to sources cited by the Financial Times. Under the proposed structure, Blackstone funds would invest $9 billion in junior debt backed by Anthropic's five-year lease payments for the custom Google hardware.[1][2][4][5][6]

The double-digit return rate highlights mounting capital expenses in the AI sector and sits well above typical corporate borrowing benchmarks. Borrowers with credit profiles comparable to Anthropic pay around 7% in the public bond market, and the current proposal surpasses the 8.5% yield Anthropic provided four months earlier when issuing $4.4 billion of similar debt. The elevated interest costs threaten to complicate Anthropic's ambition of securing an investment-grade rating.[2][4][5][6]

The broader chip financing roadmap, dubbed Project North Star, also incorporates planned Broadcom-backed debt alongside the Google chips, Analytics Insight reported. The debt initiative surfaces as public officials scrutinize the company's financial timeline, with New York City's comptroller recently voicing concerns over the timing of a future Anthropic initial public offering.[3]

Key facts

  • Anthropic offered Blackstone a yield exceeding 10% to participate in a $60 billion debt package to acquire Google TPUs.
  • Blackstone funds would provide $9 billion in junior debt backed by five-year lease payments for Google's custom AI chips.
  • The offered yield of more than 10% exceeds the public bond market rate of roughly 7% for comparable borrowers.
  • Anthropic previously sold $4.4 billion of similar debt at an 8.5% yield four months prior.
  • The Financial Times reported that high borrowing costs complicate Anthropic's goal of securing investment-grade status.
  • The financing effort, titled Project North Star, involves Google chips and planned Broadcom-backed debt.
  • New York City's comptroller has raised concerns regarding the timing of Anthropic's IPO.

Sources · 6 sources

  1. FT

    Financial Times@FTPost on X ·

    Anthropic offers Blackstone double-digit yield in latest chip financing https://t.co/MOqEpGgv3O

    Open source
  2. TE

    Techmeme@TechmemePost on X ·

    Sources: Anthropic is offering Blackstone a 10%+ yield to help finance Anthropic's $60B debt package to buy Google TPUs; Blackstone would invest $9B in the debt (Financial Times) (Visit Techmeme dot com for the link and full context!)

    Open source
  3. AI

    Analytics Insight@analyticsinmePost on X ·

    𝐀𝐧𝐭𝐡𝐫𝐨𝐩𝐢𝐜 𝐎𝐟𝐟𝐞𝐫𝐬 𝐁𝐥𝐚𝐜𝐤𝐬𝐭𝐨𝐧𝐞 𝐎𝐯𝐞𝐫 10% 𝐨𝐧 𝐔𝐒𝐃 60𝐁 𝐀𝐈 𝐂𝐡𝐢𝐩 𝐃𝐞𝐚𝐥 Anthropic's AI chip financing plan could reach USD 60 billion, with Blackstone offered returns above 10%. Project North Star also involves Google chips and planned Broadcom-backed debt as New York City's comptroller raises concerns about the timing of Anthropic's IPO. #Anthropic #Blackstone #AIChipFinancing #ProjectNorthStar #GoogleTPU #Broadcom #analyticsinsight #analyticsinsightmagazine Read More 👇 https://t.co/PO41bY6sge

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  4. TE

    TechmemeArticle ·

    Sources: Anthropic is offering Blackstone a 10%+ yield to help finance Anthropic's $60B debt package to buy Google TPUs; Blackstone would invest $9B in the debt (Financial Times) Financial Times : Sources: Anthropic is offering Blackstone a 10%+ yield to help finance Anthropic's $60B debt package to buy Google TPUs; Blackstone would invest $9B in the debt — High borrowing costs complicate AI lab's goal of achieving investment-grade status — Anthropic is offering Blackstone …

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  5. BT

    Bull Theory@BullTheoryioPost on X ·

    BREAKING: 🇺🇸 Anthropic offers Blackstone a yield of over 10% to finance its latest $60 Billion AI chip deal, per FT. Blackstone funds would invest $9 billion in junior debt backed by Anthropic's five-year lease payments for Google's custom AI chips. 10% is well above the market rate while a borrower with a similar credit profile pays around 7% in the public bond market. It's also higher than four months ago, when Anthropic sold $4.4 billion of similar debt at 8.5%.

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  6. MI

    Mint@livemintPost on X ·

    Anthropic is seeking $60 billion to finance Google TPU purchases, including $9 billion in Blackstone-managed junior debt offering returns above 10%. The deal reflects rising costs for AI infrastructure. https://t.co/c6ookQAHDi

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