Anthropic’s reported chip-financing proposal offers Blackstone a yield above 10%

The Financial Times reported on October 16, 2026, that Anthropic was offering Blackstone-managed funds a yield above 10% on a proposed $9 billion chip-financing investment. Reuters relayed the report and said it could not independently verify the terms. The reported offer does not establish that Blackstone has committed the funds or that the financing has closed.

Terms of the proposed financing

The $9 billion investment would sit within a proposed financing package of approximately $60 billion, according to an account of the FT report. The proposal, called Project North Star, would finance about 1.5 gigawatts of Google tensor processing units. Those amounts describe reported plans, rather than completed borrowing or deployed chip capacity.

The reported structure includes $18 billion of junior debt and approximately $42 billion of senior debt. Blackstone-managed funds would provide half of the proposed junior tranche. The reported terms leave the investors and pricing for the other half of that tranche, as well as the senior debt, undetermined in the material reviewed.

Blackstone’s proposed junior debt carries a reported 10% coupon. Issuance discounts and fees would raise its yield above 10%, according to the account of the FT report. That yield applies to Blackstone’s proposed investment. The rates on the remaining debt would be needed to calculate the financing package’s overall cost.

Reuters reported that the proposed Blackstone debt would be supported by five years of Anthropic chip-lease payments. If the debt closes on the reported terms, its cost would affect the economics of those leases. The available reporting does not establish the final cost of the leases or how the other proposed debt would be priced.

Announced compute and financing agreements

Anthropic announced in April that it had signed an agreement with Google and Broadcom for multiple gigawatts of next-generation TPU capacity expected to come online starting in 2027. That announcement establishes the underlying compute expansion. It does not confirm the terms or completion of Project North Star.

In an April 6 filing, Broadcom said the expanded collaboration would give Anthropic access to approximately 3.5 gigawatts of TPU-based capacity through Broadcom beginning in 2027. Broadcom said consumption depended on Anthropic’s continued commercial success and that the parties were discussing operational and financial partners. The filing did not identify the reported $60 billion proposal or its pricing.

Broadcom, Apollo and Blackstone announced a separate, initial $35 billion financing transaction on June 9. They said it was intended to facilitate more than one gigawatt of Anthropic compute deployment. The announcement establishes an earlier Anthropic-related financing arrangement involving Blackstone; it does not verify the newly reported offer or state a price that can be compared directly with it.

What remains unresolved

The reported proposal still depends on investor commitments and final terms across its debt tranches. Reuters could not verify the FT account, and the reviewed material does not establish whether Blackstone has committed funds, whether the full package will close, or whether its size and pricing will change. Financing and delivery are also separate steps: the record does not establish when the approximately 1.5 gigawatts associated with the proposal would become available to Anthropic.