Anthropic is in advanced talks with Blackstone over a $60 billion financing package, called Project North Star, to support a lease for 1.5 gigawatts of Google-built TPU chips. The financing would include about $42 billion of senior debt backed by Broadcom guarantees and $18 billion of junior debt, with Blackstone-managed funds offered a 10% coupon on roughly $9 billion of that junior tranche. The rate is 150 basis points above the 8.5% coupon on a comparable deal in June 2026, reflecting wider private credit spreads for AI infrastructure investments. KBRA rated Anthropic one notch below investment grade, which could keep the junior debt in the high-yield market and narrow the pool of institutional buyers. The arrangement follows a $35 billion financing package arranged by Apollo and Blackstone that was also aimed at leasing Google TPUs.
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