Anthropic is reportedly offering Blackstone a yield above 10% on a proposed financing tied to its access to Google’s Tensor Processing Units (TPUs). Reuters reported on October 16, 2026, citing the Financial Times, that Blackstone funds would invest $9 billion in debt repaid from Anthropic’s five-year chip-lease payments. Reuters also said it could not immediately verify the report.
Separate Bloomberg reporting describes a broader, proposed $60 billion package linked to Broadcom. It would contain $42 billion of Class A senior-secured debt and $18 billion of junior debt. Blackstone would reportedly lead the junior tranche, commit $9 billion and seek investors for the remaining $9 billion. The companies had not announced the transaction in the cited reports.
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What the reported financing would do
The package appears designed to fund Anthropic’s infrastructure commitments for Google TPUs rather than provide ordinary corporate borrowing. Under the reported structure, lease payments that Anthropic owes over five years would become the principal repayment source for the debt.
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Clear out junk files and repair common Windows errorsFree Scan →Scan for outdated or missing drivers - takes under a minuteDriver Scan →Repair Windows errors before they cause bigger problemsFix Now →That distinction matters: the reports describe financing backed by payments for leased chips, not a confirmed purchase in which Anthropic would immediately own all of the hardware. The legal borrower, collateral package, covenants, rating, closing date and final pricing have not been disclosed in the cited coverage.
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Reported capital structure
| Tranche | Reported amount | Position | Reported parties and support |
|---|---|---|---|
| Class A | $42 billion | Senior-secured | Described in Bloomberg reporting as Broadcom-linked; the exact guarantee or support terms are not public |
| Class B | $18 billion | Junior | Blackstone reportedly leads it, committing $9 billion and seeking to syndicate the other $9 billion |
| Total | $60 billion | Combined package | Proposed and not announced by the companies in the cited reports |
The $9 billion figure therefore appears in two related ways: Reuters reported a $9 billion Blackstone-fund investment, while Bloomberg described that commitment as half of the $18 billion junior tranche.
Why the reported yield is above 10%
A junior lender is paid after senior creditors if the pledged cash flows weaken. That lower position normally requires a higher return. A yield above 10% would compensate investors for several risks that are more pronounced than in a conventional investment-grade equipment lease.
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- Lease-payment dependence: repayment is tied to Anthropic continuing to make five-year payments.
- Technology obsolescence: AI accelerators can lose economic value as newer chips deliver better performance or lower operating costs.
- Residual-value risk: if a lease ends early or the chips have less resale or redeployment value, recoveries could be lower.
- Concentration: the economics depend on Anthropic, Google’s TPU supply and Broadcom’s role in design or financing support.
- Subordination: the Class B investors would stand behind the senior-secured Class A tranche in the reported waterfall.
The reported figure is a yield, not a verified final coupon. The difference can reflect the issue price, fees or other legal terms, but no final pricing document is available in the cited reporting.
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1Fix the driver behind crashes, sound loss and screen glitches2Clear out junk files and repair common Windows errors3Scan for outdated or missing drivers - takes under a minuteHow Google TPUs fit into the deal
Google’s TPUs are custom chips designed for AI workloads. Associated Press reporting said Anthropic’s Google agreement provides access to up to 1 million Google AI chips and is worth tens of billions of dollars, with well over one gigawatt of capacity expected to come online in 2026.
Broadcom is involved in TPU design and is also connected to the proposed financing. Axios previously described an Apollo-Blackstone-Broadcom platform backed by an initial $35 billion loan. That platform was intended to help Anthropic lease Google chips through Fluidstack data centers and could enable more than 20 gigawatts of compute capacity through 2028. Those earlier infrastructure plans provide context, but they do not confirm the October debt package or its final terms.
Blackstone’s separately announced TPU venture
Blackstone announced a Google TPU cloud joint venture on May 18, 2026. The official announcement said Blackstone would make an initial $5 billion equity commitment, with the venture targeting 500 megawatts online in 2027. Google would provide TPUs, software and services.
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That equity venture is distinct from the reported $60 billion debt package. Jon Gray, Blackstone’s president and chief operating officer, said, “We see a generational opportunity to invest capital at scale building AI infrastructure.” Google Cloud CEO Thomas Kurian said, “This joint venture with Blackstone helps meet growing demand for TPUs, which are optimized specifically for efficiency and performance in the AI era.” Neither statement verifies the reported Anthropic financing.
Is Blackstone investing in Anthropic?
Based on the reported structure, Blackstone would be investing in debt backed by lease payments, not buying an equity stake in Anthropic. Debt investors receive contractual payments and bear the risk that the pledged cash flows or collateral do not perform as expected. An equity investment would give Blackstone ownership exposure to Anthropic’s business; that is not what the cited reports describe.
Is the $60 billion deal finalized?
Not on the evidence currently available. Bloomberg described a proposed package that had not been announced by the companies. Reuters reported the more-than-10% yield and $9 billion commitment through a Financial Times account, while explicitly noting that Reuters could not immediately verify the report.
No cited source provides executed documents, a confirmed borrower, a closing date, a rating, a covenant package, a final coupon or definitive collateral terms. Those details could materially change the risk and economics if the transaction is completed.
What “Project North Star” means
The cited reports do not define Project North Star or establish that it is the legal name of this financing. Readers should not treat the label as confirmation of a separate transaction, borrower or set of terms.
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- An announcement or filing from Anthropic, Google, Broadcom or Blackstone confirming whether the package exists.
- The final split between senior and junior debt, including any changes to the reported $42 billion and $18 billion amounts.
- The identity of the legal borrower and the exact lease contracts generating repayment cash flow.
- Whether Broadcom’s reported support is a guarantee, a limited backstop or another form of credit enhancement.
- The final yield, fees, maturity, covenants, rating and protections for each tranche.
- Rules governing chip replacement, maintenance, early termination and residual value at the end of the five-year lease period.
Until those items are published, the most defensible description is a reported, proposed AI-infrastructure debt package—not a confirmed $60 billion closing.
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