Anthropic’s $60B Chip Deal Demands 10% Yield from Blackstone

Key points

• The $60 billion financing package, dubbed 'Project North Star,' will fund the purchase of approximately 1.5 gigawatts of custom tensor processing units (TPUs) developed by Google.
• Blackstone is being offered a coupon of 10% or higher for $9 billion of the $18 billion junior loan tranche, significantly above the 7% yield typical for similar credit profiles in the public bond market.
• The deal includes $42 billion in senior debt guaranteed by Broadcom, which co-develops the chips with Google, and is expected to be the largest chip financing to date.
• Anthropic, which received a BB+ rating from Kroll Bond Rating Agency in June, aims to achieve investment-grade status to lower future borrowing costs, potentially after an IPO.
• Borrowing costs have risen since Anthropic’s previous $4.4 billion deal in June, which carried an 8.5% interest rate, indicating increased risk premiums for AI infrastructure debt.

Background

This financing follows earlier reports in October 2026 that Wall Street banks were syndicating a record $60 billion package to fund Anthropic’s chip leases. Previous coverage noted that Broadcom agreed to provide up to $42 billion in financing, potentially making Anthropic its largest customer in the chip design business. The current deal represents the next phase of this massive infrastructure commitment, with capital expected to be drawn down in 2027.

How outlets are covering it

The Financial Times emphasizes the steep borrowing costs, noting that the 10% yield offered to Blackstone is significantly higher than the 7% typical for similar credit profiles, highlighting investor nervousness about tech capital spending. Cryptonews.net focuses on the credit rating aspect, highlighting Anthropic’s BB+ rating from Kroll Bond Rating Agency as a key factor in securing the $60 billion financing. Both sources agree on the scale of the deal but differ in emphasis: the FT highlights the cost of capital, while Cryptonews highlights the creditworthiness and rating agency involvement.

Why it matters

This deal serves as a critical test of investor appetite for AI debt at a time when lenders are increasingly cautious about the profitability of heavy capital investments in artificial intelligence. The high yield required by Anthropic underscores the challenges facing the five-year-old AI lab as it aims to achieve an investment-grade rating and potentially go public, which could lower its borrowing costs in the future.

What to watch

The remaining $9 billion of the junior loan tranche is expected to be sold to a broader group of investors in the coming months, potentially at a lower yield. The capital is expected to be drawn down in 2027, and the debt could become tradeable in the institutional 144A bond market at that time. Anthropic’s progress toward an investment-grade rating will be a key factor in determining future borrowing costs.