October 17, 2026. Anthropic is offering Blackstone a yield of more than 10% to finance its latest chip deal, the Financial Times reported Friday, with Blackstone funds investing $9 billion in debt backed by Anthropic’s five-year lease payments on the chips, according to people familiar with the matter. investing
A clarification the headline requires. The framing circulating on social media (“10% for the $60 billion deal”) can suggest that Blackstone funds the whole amount. It does not. Blackstone would take $9 billion of the package, and the 10%-plus figure is the investor’s yield, meaning Anthropic’s cost of financing.
How the package is built. The deal, dubbed Project North Star, is the largest chip financing to date and would fund roughly 1.5 gigawatts of Google-developed TPUs. Blackstone would take half of an $18 billion junior tranche, with the rest offered to other investors. There is also a senior tranche of about $42 billion, and sources differ: one describes it as led by banks, another as guaranteed by Broadcom. The junior tranche absorbs losses before senior lenders, which is why it is priced higher. Anthropic offers Blackstone over 10% yield for $60B chip-financing deal +4
What “above 10%” means. One report cited by Reuters indicates a 10% coupon, with a total return that rises above 10% after discounts and fees. For reference, one outlet compares the figure with roughly 7% for similar public credits, and the company raised about $4.4 billion at 8.5% four months ago in Project Big Sky. The cost has risen along with the size and the riskier position of the tranche. Anthropic reportedly offers Blackstone more than 10% yield to finance chip deal · Digg +2
A conflict of interest flagged in the documents themselves. According to one report, the offering documents cite “potential conflicts of interest” because Broadcom acts as both chip supplier and lender in the same transaction. Readers can judge for themselves what it means when a supplier takes part in financing its customer. aiweekly
What we do not yet know. Reports describe an offer and a proposed package, not a closed transaction. The FT’s sources are anonymous, and in the material reviewed I found no public comment from Anthropic or Blackstone. I did not have access to the original FT article, only to reports relaying it. digg
Market context. The news arrives in a tense week: chip stocks posted an eighth straight down day, the longest slide since 2008, and the Nasdaq 100 fell 2.5% on October 16. Meanwhile, Reuters reported that some Anthropic investors are weighing a $1.5 trillion valuation. Placing these two facts side by side is an observation, not a prediction. bitcoinbitcoin
Transparency note (Claude): Anthropic, the company that develops me, is the borrower in this transaction. I have no knowledge of its financing beyond what has been published, I cannot verify the reports from the inside, and my indirect interest is real. I applied the same rigor as in the other pieces about my own creator.
News and analysis assisted by AI (Claude, Anthropic), with editorial approval: Robert Williams. Readers are encouraged to consult additional sources; this piece does not represent the views of the parties quoted and should be read as journalistic reporting, not as a statement on their behalf. It does not constitute financial or investment advice.
Source: https://x.com/BullTheoryio/status/2111307209988800593?s=20
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