🇺🇸Anthropic’s proposed $60 billion financing for Google Tensor Processing Units offers Blackstone returns above 10%, backed by five-year chip-lease payments.

The proposed debt financing is code-named Project North Star, according to Telegram reports citing the Financial Times. It would support procurement of Google Tensor Processing Units (TPUs) described in the report as approximately 1.5 gigawatts of chip capacity; this is a power-denominated scale figure, not a chip count or computational-performance measurement.

Blackstone funds would invest $9 billion, representing approximately half of an $18 billion subordinated-loan portion. The debt would be backed by Anthropic’s chip-lease payments over five years; the supplied reports do not establish that the financing has closed.

The reported offer comprises a 10% coupon, with the total yield exceeding 10% after accounting for the original-issue discount and other fees. The report compares this with approximately 7% for borrowers of similar credit quality in public markets, referencing the ICE BofA BB U.S. High Yield Index.

The remaining $9 billion of the subordinated debt was described as intended for distribution to additional investors, rather than already placed. Blackstone declined to comment, and Anthropic had not responded to a comment request; the detailed messages were timestamped early October 17 UTC in the supplied source set.