Infobae reported on October 25, citing an October 17 Financial Times report based on people familiar with the negotiations, that Blackstone had committed $9 billion to the junior tranche of Anthropic’s proposed $60 billion TPU financing. The reported coupon for Blackstone’s portion was 10%. The package was still being placed with investors in mid-October, according to the account.
What Blackstone reportedly committed
The proposed financing, called Project North Star, was reported as $42 billion in senior debt and $18 billion in junior debt. Blackstone’s reported $9 billion allocation would cover half of the junior tranche. The 10% coupon is the stated interest rate; the report said issue discounts and fees would make Blackstone’s total return higher.
How the proposed TPU financing would work
A special-purpose vehicle, or SPV, would own about 1.5 gigawatts of Google TPU capacity and lease it to Anthropic for five years. Google designed the TPUs with Broadcom. Anthropic’s lease payments would support the debt used to finance the hardware. Broadcom would reportedly guarantee the $42 billion senior tranche.
This is a proposed private-credit arrangement, not an equity investment or an IPO. NeoTeo has covered a separate proposed Broadcom financing for Anthropic, involving convertible notes. That is distinct from Blackstone’s reported junior-tranche allocation.
What $9 billion represents in the package
Based on the reported figures, Blackstone’s allocation equals 15% of the proposed $60 billion package and 50% of its $18 billion junior tranche. The first percentage gives the allocation’s scale within the whole financing; the second shows its share of the lower-ranking debt.
| Component | Reported amount | Reported role or term |
| Project North Star | $60 billion | Proposed total financing |
| Senior tranche | $42 billion | Broadcom would reportedly guarantee it |
| Junior tranche | $18 billion | Lower-ranking debt |
| Blackstone allocation | $9 billion | Half of the junior tranche; 10% coupon |
How it compares with Anthropic’s June financing
A separate $35 billion Anthropic financing was reported as closed in June 2026. Its $4.4 billion junior tranche carried a reported 8.5% rate, and Apollo and Broadcom led the financing. The 10% coupon reported for Blackstone is 1.5 percentage points higher than that earlier rate.
The October account also cited a prospectus that put Anthropic’s five-year payments for leased TPU capacity at $125.2 billion. That figure describes a broader lease-payment commitment, not the size of Project North Star. The account said Project North Star remained in placement in mid-October and projected disbursement in 2027.
Anthropic prospectus reportedly details Broadcom's $42 billion financing
