# Anthropic Proposal Would Offer Blackstone Funds 10% Coupon, 1.5 Points Above June Rate By John Kim Canonical URL: https://www.tokenpost.com/news/business/37208 Published: 2026-10-22T00:10:20.000Z Updated: 2026-10-22T00:10:20.000Z Section: Business > The proposed $60 billion package includes $42 billion in senior debt and $18 billion in junior debt. Blackstone-managed funds would be offered half of the junior tranche. A proposed $60 billion package for financing chip leases would offer funds managed by Blackstone a 10% coupon on $9 billion of junior debt. That is 1.5 percentage points above the 8.5% rate on about $4.4 billion of junior debt in Anthropic’s June financing. Known as Project North Star, the [financing proposal]() would support about 1.5 gigawatts of Google tensor processing units (TPUs). Its proposed structure includes $42 billion in senior debt and $18 billion in junior debt. Blackstone-managed funds would take half of the junior tranche, with the remaining $9 billion intended for other investors. Five years of Anthropic’s payments under the chip leases would secure the junior debt. Fees and issue discounts would push the total yield above the 10% coupon. The proposed coupon is about 3 percentage points above the roughly 7% level for similarly rated public-market borrowers. ## Links in this article - [financing proposal](https://www.tokenpost.com/news/business/33905)