Anthropic Moves Ahead With $60B Chip Debt Deal, Offering Blackstone Over 10% Yield

Anthropic is pushing forward with its largest-ever chip financing, a $60 billion debt package codenamed 'Project North Star,' and has agreed to pay Blackstone a yield above 10% to secure the investor's participation, the Financial Times reported on Oct. 17.

Blackstone funds will subscribe to $9 billion of the $18 billion junior tranche, receiving a 10% coupon. When accounting for new-issue discounts and fees, the total return is expected to be higher. The financing is designed to fund Anthropic's purchase of about 1.5 gigawatts of Google-developed tensor processing units (TPUs). The broader structure includes roughly $42 billion in senior debt guaranteed by Broadcom, which is involved in the chip development, and $18 billion in junior debt, with the remaining portion slated for sale to broader investors in the coming months.

The cost marks a sharp rise from about $4.4 billion in debt financing Anthropic completed in June 2026 under 'Project Big Sky' at an 8.5% rate. Public bond market borrowers with similar credit profiles typically pay around 7%, putting Anthropic's 10% coupon more than 300 basis points above that benchmark. The rising cost underscores investors' growing caution over the heavy wave of AI-related financing.

The deal is expected to set a record for chip financing and is being watched as a barometer of investor appetite for AI debt. KBRA in June 2026 rated Anthropic one notch below investment grade. Blackstone declined to comment, and Anthropic did not immediately respond to a request for comment.