Anthropic is offering Blackstone a yield exceeding 10% to secure anchor capital for Project North Star, a $60 billion debt package designed to fund 1.5 gigawatts of Google Tensor Processing Units. Blackstone funds would provide $9 billion of the $18 billion junior debt tranche, backed by five-year lease payments. The double-digit return highlights escalating borrowing costs in AI infrastructure, up from 8.5% in Anthropic's Project Big Sky deal in June 2026.
Terms of Blackstone's proposed investment
- ▪Blackstone funds would invest $9 billion in debt backed by Anthropic's five-year lease payments on Google custom chips
- ▪Blackstone's $9 billion investment accounts for about half of Project North Star's $18 billion junior loan tranche
Structure of the Project North Star debt package
- ▪The $60 billion Project North Star debt package includes about $42 billion of senior debt guaranteed by Broadcom
- ▪When the capital for Project North Star has been drawn down in 2027, the debt could become tradeable in the institutional 144A bond market
- ▪The Project North Star $60 billion debt package would help fund Anthropic's procurement of about 1.5 gigawatts of custom Tensor Processing Units developed by Google
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