Anthropic offers Blackstone double-digit yield in chip-financing deal: What the $60 billion deal entails

Anthropic is offering Blackstone a yield of more than 10% to finance a $60 billion artificial intelligence (AI) chip deal, the Financial Times reported, citing people familiar with the matter. The deal is touted to be the largest chip-financing arrangement to date. Known as Project North Star, the financing will support Anthropic’s acquisition of approximately 1.5 gigawatts of Google’s custom tensor processing units (TPUs), as AI developers race to secure computing capacity. Blackstone-managed funds are expected to invest $9 billion in junior debt backed by Anthropic’s five-year chip lease payments. This represents half of the planned $18 billion junior financing. The investment firm has been offered a 10% coupon, with total returns exceeding that level after accounting for issuance discounts and fees.

Also reported by Reuters, Startup Fortune, The News & Observer, Central Oregon Daily and 4 more.

First reported by Mint. This page is a short excerpt; the full text is theirs.