Anthropic 拟以逾10%收益率向黑石融资600亿美元采购约1.5GW谷歌TPU，博通担保420亿优先债

Anthropic is offering Blackstone a total return of more than 10% to help finance a US$60 billion artificial intelligence (AI) chip procurement package, as higher infrastructure financing costs make expanding computing capacity more expensive. The proposed arrangement, reportedly code-named Project North Star, would fund purchases of Google tensor processing units (TPUs) with a combined capacity of approximately 1.5 GW.

According to the Financial Times and Reuters , the financing would comprise US$42 billion in senior debt and US$18 billion in subordinated debt divided into two tranches. Senior lenders would have priority for repayment if Anthropic defaulted, while subordinated investors would take on greater risk in exchange for higher potential returns.
Funds managed by Blackstone are expected to provide US$9 billion, representing half of the subordinated debt. The financing would be secured by Anthropic's chip-leasing payments over the next five years. Blackstone is being offered a 10% coupon, with the issue discount and other fees expected to lift the total return above that level.
The proposed yield is higher than the approximately 7% available in public bond markets to borrowers with similar credit profiles. Broadcom is expected to guarantee the US$42 billion in senior debt. Meanwhile, Anthropic's below-investment-grade credit rating continues to affect its borrowing costs. The structure places greater financial risk on subordinated investors as Anthropic expands its capital spending on AI infrastructure.
About four months earlier, Anthropic raised approximately US$4.4 billion through a financing package known as Project Big Sky, which carried an 8.5% interest rate. Project North Star would be considerably larger and would offer Blackstone a higher coupon, underscoring the increased cost of financing the company's latest chip purchases. Anthropic's ability to manage those borrowing costs while increasing capital expenditure remains central to the financing plan.