Anthropic is negotiating a $60 billion debt package, internally referred to as Project North Star, to finance the leasing of Google tensor processing units. The deal aims to acquire approximately 1.5 gigawatts of specialized AI hardware.
The financing structure consists of $42 billion in senior debt, guaranteed by Broadcom, and $18 billion in junior debt. Blackstone-managed funds have been offered a 10% coupon on a $9 billion portion of the junior tranche.
The 10% rate represents a 150-basis-point increase compared to Anthropic’s previous financing deal, Project Big Sky, which priced junior debt at 8.5% in June 2026. Lenders are demanding higher yields as private credit spreads for AI infrastructure widen.
Anthropic currently holds a credit rating one notch below investment grade, according to a June 2026 assessment by KBRA. This rating limits the pool of potential institutional investors and contributes to higher borrowing costs for the company.
This initiative follows a previous $35 billion financing package arranged by Apollo and Blackstone for similar Google TPU leases. The company continues to rely on debt to fund the massive compute requirements necessary for training frontier AI models.
