Anthropic is negotiating a $60 billion debt financing package, internally referred to as Project North Star. The company proposes that Blackstone invest $9 billion into the junior debt tranche, offering a yield exceeding 10%.
The financing is structured in layers to manage risk. Senior debt, which benefits from residual-value support provided by Broadcom, is expected to yield approximately 7%. This structure allows lenders to secure their positions against the hardware collateral.
The funds are designated for the acquisition of roughly 1.5 gigawatts of Google-developed tensor processing units. These chips will be held through a special-purpose vehicle, keeping the debt off Anthropic's primary balance sheet.
This initiative follows a June 2026 agreement where Anthropic secured $35 billion from Apollo and Blackstone to fund 1 gigawatt of compute capacity. The company aims to reach a total compute capacity exceeding 20 GW by 2028.
