# Anthropic Offers Blackstone a Yield Above 10% on Junior Debt in a Reported $60B 'Project North Star' TPU Financing, FT Says

Times of AI Desk · 2026-10-20 · Frontier Labs

[https://timesof.ai/2026/10/anthropic-project-north-star-60b-tpu-blackstone](https://timesof.ai/2026/10/anthropic-project-north-star-60b-tpu-blackstone)

> The Financial Times reported, as summarised by Mint on Oct. 17, that Anthropic is raising about $60B through 'Project North Star' for about 1.5GW of Google TPUs, with Blackstone-managed funds taking $9B of an $18B junior tranche at a 10% coupon and total returns above 10%. About $42B of senior debt would be guaranteed by Broadcom. Single-origin; hedge.

Anthropic is paying a junk-style premium to lock in compute before its IPO, if the FT's sources are right. The **Financial Times** reported that **Anthropic** is raising about **$60 billion** through a vehicle called **Project North Star** to pay for about **1.5GW** of Google TPUs, **Mint** summarised on **Saturday, October 17**, citing people familiar with the matter.

Blackstone-managed funds would take **$9 billion** of an **$18 billion** junior tranche backed by Anthropic's five-year lease payments, Mint says. The tranche carries a **10%** coupon, and total returns exceed 10% after discounts and fees, against about **7%** for similarly rated borrowers. The other $9 billion of junior debt is to be offered in coming months. About **$42 billion** of senior debt would be guaranteed by **Broadcom**. An earlier deal, Project Big Sky, raised about $4.4 billion at 8.5% four months earlier. KBRA rated Anthropic one notch below investment grade in June, Mint reports.

## Limits

- Everything here traces to a single FT report, summarised by Mint. The FT original was only partly readable. Anthropic's comment is not recorded in Mint.

## Sources

- [Mint: Anthropic offers Blackstone double-digit yield in chip-financing deal (October 17, 2026)](https://www.livemint.com/ai/artificial-intelligence/anthropic-offers-blackstone-double-digit-yield-in-chip-financing-deal-what-the-60-billion-deal-entails-11792204532812.html)