Anthropic is negotiating a $60 billion financing package, internally called Project North Star, to acquire approximately 1.5 gigawatts of Google-developed tensor processing units. Blackstone is expected to invest $9 billion in the junior debt tranche, yielding above 10%, compared to roughly 7% for senior lenders. The deal is structured through a special-purpose vehicle that keeps the debt off Anthropic’s balance sheet, with Broadcom providing residual-value support on the senior tranche. This financing follows a $35 billion deal in June 2026, as Anthropic targets over 20 GW of compute capacity by 2028.
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