[DEVELOPING] FT report: Anthropic offers Blackstone a 10% coupon on $9B junior debt in $60B TPU financing
Analytics Insight relays a Financial Times report, citing people familiar with the talks, that Anthropic offered Blackstone-managed funds a 10% coupon on $9B of an $18B junior tranche. The tranche sits inside 'Project North Star', a roughly $60B financing for about 1.5GW of Google-designed TPUs, with about $42B of senior debt reported to have Broadcom support. The report compares the terms with roughly 7% for similarly rated borrowers in public bond markets, which points to rising costs for AI compute financing. All coverage found traces back to the single FT report, and the terms are unconfirmed. Next to watch: final pricing and placement of the remaining $9B of junior debt.