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Anthropic’s Proposed $60B Chip Deal Would Pay Blackstone More Than 10%
The Financial Times reported that Anthropic was offering Blackstone a 10% coupon, with total yield above 10%, in connection with a proposed $60 billion chip financing package.
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Key takeaways
- The Financial Times reported that Anthropic was offering Blackstone a 10% coupon, with total yield above 10%, in connection with a proposed $60 billion chip financing package.
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openai.comCreate a landscape editorial hero image for this Studio Global article: What did the Financial Times report on October 16, 2026, about Anthropic’s $60 billion “Project North Star” financing for Google-developed c. Article summary: The Financial Times reported that Anthropic was offering Blackstone a double-digit yield on a proposed chip-financing deal, highlighting how high borrowing costs complicated its ambition to achieve investment-grade statu. Topic tags: general, news, general web, user generated. Style: premium digital editorial illustration, source-backed research mood, clean composition, high detail, modern web publication hero. Use reference image context only for broad subject, composition, and topical grounding; do not copy the exact image. Avoid: logos, brand marks, copyrighted characters, real person likenesses, fake screenshots, UI text, readable text, watermarks, charts w
The Financial Times reported that Anthropic was offering Blackstone a double-digit yield as part of financing for a major chip deal. Secondary accounts describe the proposal as a $60 billion package for Google-developed TPUs, but the available FT excerpts confirm only the headline and do not establish every detail or whether the financing was completed. 1
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What the reported offer involves
The deal is described in secondary reporting as Project North Star, a proposed financing package intended to support Anthropic’s acquisition of about 1.5 gigawatts of Google’s custom tensor processing units, or TPUs. 18
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Those accounts say Blackstone-managed funds were being asked to provide $9 billion in junior debt, or half of a reported $18 billion junior tranche. The reported coupon was 10%; discounts and fees would bring the total yield above that level. 21
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Some secondary coverage also compares the reported yield with roughly 7% for similar public-market borrowers. That comparison is reported context, not a benchmark independently confirmed by the FT excerpts available here. 26
How it compares with Anthropic’s earlier financing
A separate account compares the proposed terms with Anthropic’s earlier Project Big Sky financing, described as roughly $4.4 billion raised at an 8.5% rate around four months before the North Star reports. That comparison suggests higher stated borrowing costs for the proposed Blackstone financing, but the two figures come from secondary reporting and should not be treated as a complete, like-for-like pricing analysis. 26
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One secondary report says the remaining $9 billion of the junior tranche could be distributed to other investors at a lower yield. The available material does not confirm whether that distribution occurred. 17
What is not established by the available sources
The supplied FT listings and article excerpt do not verify several details raised in fuller descriptions of the transaction. These include the precise special-purpose vehicle and chip-leasing arrangements; the full terms of any Broadcom backstop or senior debt; the named arranging banks, tranche maturities and potential 144A trading; and claims about convertible Broadcom loans, conflicts of interest or circular financing.
The available material also does not establish Blackstone’s expectations for an investment-grade rating or cheaper borrowing after an IPO, nor does it confirm the full set of company responses or the deal’s final status. Those details should not be presented as verified FT reporting on the evidence available here.
There is also a date discrepancy in the supplied FT listings: the Anthropic stream places the story under Friday, October 16, while other FT listings and the direct article record show October 17. 1
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12 The safest summary is that the FT reported the offer in mid-October 2026, while the exact date varies across the provided listings.
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What is the short answer to "Anthropic’s Proposed $60B Chip Deal Would Pay Blackstone More Than 10%"?
The Financial Times reported that Anthropic was offering Blackstone a 10% coupon, with total yield above 10%, in connection with a proposed $60 billion chip financing package.