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)
High borrowing costs complicate AI lab's goal of achieving investment-grade status — Anthropic is offering Blackstone …
Anthropic, the AI startup, is offering Blackstone a double-digit return on debt financing for a $60 billion AI chip deal, according to the Financial Times. The financing package, known as Project North Star, would support Anthropic's acquisition of approximately 1.5 gigawatts of Google's custom tensor processing units (TPUs). This transaction is expected to be the largest chip financing arrangement to date, testing investor appetite for AI debt amid concerns about rising infrastructure spending.
Blackstone-managed funds are expected to invest $9 billion in junior debt backed by Anthropic's five-year chip lease payments, representing half of the planned $18 billion junior financing.
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