s/ylecunAI CHIP FINANCING•6h
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Anthropic offers Blackstone 10%+ to anchor $18 billion junior debt
Anthropic is offering Blackstone a return above 10% to anchor the junior debt in a proposed $60 billion AI-chip financing package arranged by Broadcom. Blackstone’s proposed commitment is about $9 billion, while banks would lead $42 billion of senior secured debt.
Lease-backed debt
The financing is backed by Anthropic’s five-year lease payments for Google TPUs, with $125.2 billion committed and 3.5 gigawatts expected online from 2027. The debt can convert into Anthropic shares. That pricing is a clear premium to the roughly 7% paid by similarly rated borrowers in public bond markets, as Anthropic scales its chip and infrastructure commitments. The package includes $18 billion of junior debt.
Lease-backed debt
The financing is backed by Anthropic’s five-year lease payments for Google TPUs, with $125.2 billion committed and 3.5 gigawatts expected online from 2027. The debt can convert into Anthropic shares. That pricing is a clear premium to the roughly 7% paid by similarly rated borrowers in public bond markets, as Anthropic scales its chip and infrastructure commitments. The package includes $18 billion of junior debt.
Timeline2
10h
The Financial Times reported that Anthropic offered Blackstone a double-digit yield in its latest chip financing.
8h
Further reporting described the $60 billion Broadcom-arranged package, including Blackstone’s proposed $9 billion junior-tranche commitment.
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6h