Anthropic Lands $9 Billion Blackstone Debt at 10%+ Yield for Google Chip Leases

Anthropic has secured $9 billion in debt financing from Blackstone-managed funds at a yield exceeding 10% annually, backed by five-year lease payments on Google's custom tensor processing units—a deal that underscores both the massive capital demands of frontier AI development and growing investor appetite for AI infrastructure financing despite mounting credit risks. The investment anchors the junior tranche of Project North Star, a $60 billion financing package that will fund Anthropic's acquisition of approximately 1.5 gigawatts of Google's TPU capacity, among the largest chip-leasing arrangements in the industry to date.