The Financial Times reported on 17 October 2026 that Anthropic is offering Blackstone-managed funds a yield of more than 10% on a slice of a debt package of about 60 billion dollars, known internally as Project North Star. Reuters repeated the report and said it could not independently verify it. The deal has not closed. This article is not investment advice.

The structure described by the FT has about 42 billion dollars of senior debt, guaranteed by Broadcom, which develops the chips with Google, and 18 billion of junior debt. Blackstone would take about 9 billion of the junior tranche, with a 10% coupon and a total return above 10% after discounts and fees. The remaining 9 billion of junior debt would later be offered to a wider group of investors, possibly at a lower yield.

The money would fund about 1.5 gigawatts of Google tensor processing units, through a special-purpose vehicle, backed by Anthropic's five-year chip-lease payments. Four months earlier a similar operation, Project Big Sky, raised about 4.4 billion at 8.5%. KBRA rates Anthropic one notch below investment grade; the junior debt is expected to sit on a similar rung.

The FT notes that borrowers with a similar credit profile typically pay around 7% in the public high-yield market. The gap shows how expensive capital for artificial-intelligence infrastructure has become, not how safe a coupon is.

Blackstone declined to comment. Anthropic did not immediately reply to the newspaper. Anyone who reads 60 billion as a signed purchase has the tense wrong: this is an offer and people familiar with the talks, not a closing.

For Europe, the point is that an American lab is buying compute with expensive debt, partly guaranteed by a chipmaker. For a retail reader, the point is not to treat a markets story as an invitation to buy the same note.

Image: David Nagle, Googleplex, Mountain View, California, CC BY-SA 4.0, Wikimedia Commons; archive Google campus, not a Blackstone closing in October 2026.

Sources consulted: Anthropic offers Blackstone over 10% yield in 60B AI chip financing - FT reports - Investing.com; What the 60 billion chip-financing deal entails - Mint.