[Anthropic is reportedly offering Blackstone a yield of over 10% for its $60 billion chip financing]

Published: Oct 18, 2026 18:06 (GMT+8)

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According to the Financial Times, Anthropic is offering Blackstone a yield of over 10% to raise funds for its latest chip deal. The $60 billion debt financing plan, codenamed "Project North Star," will help Anthropic procure about 1.5 GW of custom semiconductors developed by Google (TPUs) — expected to become the largest chip financing deal to date and a key test of investor demand for AI debt. Sources said Blackstone funds will invest $9 billion to buy debt backed by Anthropic's chip lease payments over the next five years, half of the roughly $18 billion in subordinated loans. The coupon quoted is 10%, with total yield higher still after the issuance discount and other fees. Per the ICE BofA BB US High Yield Index, similar-credit borrowers pay around 7% in the public bond market.

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