Anthropic offers Blackstone double-digit yield in $60 billion chip financing push

Anthropic is offering Blackstone a yield above 10% to help pay for its next big batch of AI chips. The offer sits inside a much larger negotiation: a $60 billion debt financing package reportedly known internally as “Project North Star.” Under the proposal, Blackstone would put $9 billion into the deal’s junior debt tranche. What’s on the table The negotiations were reported on October 16-17, 2026. The financing is structured in layers, like a cake where some slices carry more risk than others. Senior debt sits at the top of that cake. It gets paid first if things go sideways, so it earns less: roughly 7%, according to the research findings. Junior debt sits underneath. It absorbs losses before the senior lenders do, which is why Blackstone’s slice is priced at more than 10%. The senior lenders have an additional cushion. Their portion benefits from residual-value support provided by Broadcom, a form of backstop tied to the value of the underlying hardware. The money has a specific shopping list. Funds are earmarked for roughly 1.5 gigawatts of tensor processing units, the custom AI chips developed by Google. Those chips would be acquired through a special-purpose vehicle, or SPV. ...