Business · Companies · 1 hr ago
Anthropic offers Blackstone more than 10% yield on proposed debt
Anthropic is negotiating $60 billion in financing to buy about 1.5 gigawatts of Google’s AI chips, called TPUs.
The financing would include $42 billion in senior debt guaranteed by Broadcom and $18 billion in subordinated debt, which is repaid after senior debt.
Anthropic is discussing with Blackstone an investment of half that subordinated debt, and has offered a yield above 10%.
That is higher than the roughly 7% yield typically paid by borrowers with similar credit ratings in public bond markets.
Anthropic plans to sell the remaining $9 billion of subordinated debt to investors over the coming months, and its yield could be lower.
The higher borrowing cost points to investors demanding more compensation for risk as companies fund AI infrastructure.
Anthropic issued about $4.4 billion in similar debt at an 8.5% yield four months earlier, and a future stock listing and investment-grade rating could reduce its borrowing costs.
Anthropic has offered Blackstone a yield of more than 10% on subordinated debt it is negotiating to issue.
The proposed $18 billion in subordinated debt is part of a $60 billion financing plan to buy about 1.5 gigawatts of Google AI chips.
Blackstone is discussing investing in half of the subordinated debt, or $9 billion.
The proposed yield is above the roughly 7% typically paid by borrowers with similar credit ratings in the public bond market.
The financing also includes about $42 billion in senior debt guaranteed by Broadcom, a co-developer of the chips.
- Who
- Anthropic is negotiating the financing, and Blackstone is discussing investing in part of the subordinated debt.
- What
- Anthropic has offered a yield above 10% on proposed subordinated debt.
- When
- The Financial Times reported the offer on October 17; the article was published on October 19, 2026.
- Where
- Not stated.
- Why
- Anthropic is seeking funds to buy and use about 1.5 gigawatts of Google tensor processing units.
This story does not have two clearly opposing sides.
Anthropic issued about $4.4 billion in bonds at an 8.5% yield in a similar deal known as Project Big Sky.
The Financial Times reported that Anthropic had offered Blackstone a yield above 10% on the proposed subordinated debt.
Yonhap published its report on the proposed financing.
- Total financing sought
- $60 billion
- Senior debt
- About $42 billion, guaranteed by Broadcom
- Subordinated debt
- $18 billion
- Blackstone's proposed share
- Half of the subordinated debt, or $9 billion
- Proposed yield
- More than 10%