Anthropic offers Blackstone 10%+ yield on $60B TPU debt package
Anthropic is pursuing roughly $60 billion in debt financing to buy Google tensor processing units (TPUs), split into about $42 billion of senior debt guaranteed by Broadcom and $18 billion of subordinated debt, according to multiple reports citing unnamed sources. To attract Blackstone to subscribe $9 billion of the subordinated tranche, Anthropic is offering a 10% coupon, with total returns higher after issue discounts and fees — versus 8.5% on a similar Anthropic bond about four months earlier. The reports say Bank of America, Citigroup and Morgan Stanley have begun syndicating the senior tranche, while Blackstone is expected to help distribute the remaining $9 billion of subordinated debt in coming months. Neither Anthropic nor Blackstone has publicly confirmed the terms.
The reports frame the higher cost of borrowing—above the roughly 7% typical for similarly rated issuers—as a sign investors are demanding a greater risk premium for AI infrastructure financing, underscoring the pressure from tech companies' large near-term funding needs.