Anthropic is offering Blackstone a yield of more than 10% to finance a $60 billion AI chip deal, the Financial Times reported.
The financing, known as Project North Star, will support Anthropic's acquisition of approximately 1.5 gigawatts of Google's custom tensor processing units (TPUs).
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.
The financing package also includes approximately $42 billion in senior debt guaranteed by Broadcom, which collaborates with Google on chip development.
