Anthropic offered Blackstone double-digit yields in its latest chip financing round.

Anthropic is offering Blackstone Group a yield of more than 10% to finance its latest chip deal, underscoring the startup's willingness to bear high borrowing costs to raise funds for its costly AI infrastructure. The $60 billion debt financing package, codenamed "Project Polaris," will be used to fund Anthropic's purchase of about 1.5 gigawatts of custom chips developed by Google, known as tensor processing units. The deal is expected to be the largest chip financing project to date. People familiar with the matter said a Blackstone fund will contribute $9 billion to buy the debt, with repayment sourced from Anthropic's five-year chip lease payments, accounting for about half of the $18 billion in subordinated loans. The people said Blackstone is receiving a 10% coupon, and the overall return would be higher when including original issue discount and other fees. The ICE BofA BB U.S. High Yield Index shows that borrowers with similar credit quality typically need to bear a yield of only about 7% in the public bond market. The people added that the remaining $9 billion of debt will be sold to more investors in the coming months, potentially at a lower yield. Blackstone declined to comment. Anthropic did not immediately respond to a request for comment.