According to Jin10, citing the Financial Times, Anthropic is offering Blackstone a yield above 10% to raise funds for its latest chip deal. The $60 billion debt financing plan, called Project North Star, would help Anthropic purchase about 1.5 gigawatts of custom semiconductors developed by Google, known as TPUs. It is expected to be the largest chip-financing deal to date and a key test of investor demand for AI-related debt. People familiar with the matter said Blackstone funds would invest $9 billion to buy debt backed by Anthropic's chip lease payments over the next five years, half of the approximately $18 billion in subordinated loans. Blackstone was quoted a 10% coupon rate; including the discount on the new debt and other fees would make the total yield higher. Borrowers with similar credit profiles typically pay about 7% to raise funds in the public bond market, according to the ICE BofA BB US High Yield Index.