Anthropic offers Blackstone over‑10% yield to fund its $60 bn debt package for buying Google TPUs; Blackstone to invest $9 bn.
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| Source: Techmeme | Original article
Anthropic is courting Blackstone with a yield above 10% to fund its $60 billion debt package for purchasing Google TPUs, with Blackstone slated to commit $9 billion.
Anthropic is courting private‑equity giant Blackstone with a double‑digit yield to help fund its latest chip acquisition. According to the Financial Times, the AI start‑up has offered Blackstone a yield of more than 10 % on a tranche of its $60 billion debt package that is earmarked for buying Google Tensor Processing Units. Blackstone would commit roughly $9 billion, with the loan secured by Anthropic’s five‑year lease payments on the hardware.
The deal highlights the financing pressure facing fast‑growing AI labs. Even as Anthropic races to scale its models, the cost of borrowing remains steep, complicating the company’s ambition to achieve an investment‑grade credit rating. A yield above 10 % signals that lenders view the risk premium on AI‑focused capital as high, and it could squeeze margins once the leased chips are in service.
Investors will be watching whether Anthropic can close the remaining $51 billion of its debt package and at what cost. The terms offered to Blackstone may set a benchmark for other AI firms seeking chip financing, especially as banks line up large syndicated loans for the sector. Further scrutiny will fall on Anthropic’s ability to service the debt through its lease structure, the impact on its cash flow, and any ripple effects on its relationships with Google and other partners. The outcome could shape how AI start‑ups secure the hardware they need while navigating a credit market that remains wary of the sector’s rapid growth.
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