Total returns for the debt top 10% once issuance discounts and fees are included, whereas similar borrowers pay roughly 7% in public bond markets. This rate is also higher than the 8.5% yield on $4.4B of debt Anthropic sold four months ago, and the new debt can convert into shares. KBRA assigned the company a BB+ rating in June, and Anthropic's own prospectus notes potential conflicts of interest with Broadcom acting as both a lender and chip supplier.
Tuesday, October 20, 2026
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Anthropic Offers Blackstone 10% Yield on $60B AI Chip Loan
AI3 days ago
The AI startup is proposing a junior debt arrangement called Project North Star to finance its $125.2B commitment to lease Google Tensor Processing Units. Anthropic has offered Blackstone a yield exceeding 10% to anchor the junior tier of a $60B total debt package arranged by Broadcom, which would be the largest chip financing in history. Blackstone funds would commit $9B of their own capital for half of an $18B Class B junior tranche and syndicate the remainder, while banks lead a $42B Class A senior secured tranche.
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