FT: Anthropic Offers Blackstone 10%+ Yield as $9 Billion Goes Into Chip Debt

What happened

The Financial Times reported Friday (Oct. 16), citing people familiar with the matter, that Anthropic is offering Blackstone a yield of more than 10% to finance its latest chip deal; in return, Blackstone funds would invest $9 billion in the debt. Reuters, relaying the report, said it could not immediately verify it.

The debt is backed by Anthropic's five-year lease payments on the chips. According to earlier FT reporting, the deal sits inside a $60 billion chip-debt financing package for Anthropic now being syndicated on Wall Street: $42 billion in senior secured loans backed by Broadcom's credit, plus an $18 billion junior tranche with no Broadcom guarantee. Blackstone is leading the junior slice, having committed about $9 billion and helping syndicate the rest.

The money funds Anthropic's advanced chip orders slated for 2027 delivery — custom TPUs co-developed by Broadcom and Google — with lease payments starting only once the hardware is fully deployed. Bank of America, Citigroup and Morgan Stanley began syndicating the package in early October, in what is billed as the largest chip-financing deal to date.

Key facts

1. 10%+ yield: Anthropic is offering Blackstone a yield above 10% on the chip-deal financing (per the FT's Friday report; Reuters could not independently verify)
2. $9 billion: Blackstone funds would invest $9 billion in the debt
3. Five-year lease backing: The debt is secured against Anthropic's five-year lease payments on the chips
4. $60B package: The deal is part of a $60 billion chip-debt package: $42B senior secured loans (Broadcom-backed) plus an $18B junior tranche
5. 2027 delivery: The capital funds custom Broadcom-Google TPUs due in 2027; lease payments begin only after full deployment