Anthropic’s $60 Billion Chip Plan Offers Blackstone Yield Above 10%

Anthropic’s planned $60 billion chip financing would give Blackstone a yield above 10% on its $9 billion investment, highlighting the steep cost of borrowing to build AI infrastructure.

Known as Project North Star, the financing would support purchases of about 1.5 gigawatts of custom tensor processing units, or TPUs, developed by Google. Blackstone funds would take about half of an $18 billion subordinated loan tranche. The debt would be backed by five years of lease payments for the chips.

The quoted coupon is 10%, while the total yield would rise further after accounting for the issue discount and other fees. Borrowers with comparable BB credit ratings typically pay about 7% in the U.S. public high-yield bond market, putting the proposed terms more than three percentage points above that level.

The $60 billion plan is expected to be the largest chip-financing deal to date and a test of investor appetite for debt tied to AI infrastructure.