Anthropic Said to Offer Blackstone Over 10% Yield for $60 Billion Chip Financing

Beating AI News Flash: Anthropic is offering Blackstone over 10% yield to raise funds for its latest chip deal. The $60 billion debt financing plan, called "Project North Star," will help Anthropic procure approximately 1.5 gigawatts of custom semiconductors developed by Google, known as TPUs.

This is expected to become the largest chip financing deal to date and a key test of investor demand for AI-related debt. Sources familiar with the matter said Blackstone's fund will invest $9 billion to purchase debt backed by Anthropic's chip lease payments over the next five years, accounting for half of the approximately $18 billion in subordinated loans. The coupon rate quoted to Blackstone is 10%, and the total yield will be even higher when factoring in new issue discounts and other fees.

According to the ICE BofA BB US High Yield Index, borrowers with similar credit profiles typically pay around 7% yield when raising funds in the public bond market.