Companies · · 2 min read
Editor: Bohdan S.
Anthropic offers Blackstone over 10% yield on chip debt, FT reports
The AI lab is reportedly paying a steep price to borrow for chips, a sign that lenders want extra reward for funding the AI build-out.
The short answer
Anthropic is offering Blackstone a yield above 10% on new debt to pay for AI chips, the Financial Times (FT) reported. Blackstone funds would put about $9 billion into debt backed by Anthropic's chip lease payments. The high price shows lenders are charging more to fund AI and could slow Anthropic's push for an investment-grade rating.
What happened
The Financial Times (FT) reported on Friday that Anthropic is offering Blackstone a double-digit yield to finance its latest batch of AI chips, and that the high borrowing cost complicates the company's goal of an investment-grade credit rating. Reuters, citing the FT report, said the yield is more than 10% and that Blackstone funds would invest $9 billion in debt backed by Anthropic's five-year lease payments on the chips. Reuters said it could not verify the report. Earlier coverage described a wider $60 billion package, with a $42 billion senior slice marketed by Bank of America, Citigroup and Morgan Stanley and an $18 billion junior slice led by Blackstone.
What it means
The structure matters more than the headline rate. Anthropic is not buying the chips outright. A special-purpose vehicle, a separate company set up just for the deal, owns the hardware and rents it to Anthropic. Lenders get paid from those rent checks. Senior lenders are paid first, and in the earlier $35 billion deal closed in June they also had a backstop from Broadcom tied to the value of the hardware. The junior slice, where Blackstone sits, takes losses first if anything goes wrong.
That is why it pays more. Investment grade is the safer tier of credit ratings, and reaching it would let Anthropic borrow more cheaply. The June package was priced in investment-grade format, according to Private Equity Wire, so a double-digit yield on the newest slice suggests lenders are being more demanding about the risk they take on in the AI trade.
There is also the question of what backs the loans. Chips lose value as newer generations arrive, which makes the collateral harder to judge over a five-year lease. And a large share of the money depends on one tenant, Anthropic, keeping up its payments.
For Anthropic, the trade-off is speed versus cost. Leasing lets it add computing power without a huge upfront bill, but every extra percentage point of interest is money that has to come out of future revenue.
The bull case
Blackstone is a seasoned credit investor and is choosing to commit billions, which signals confidence that Anthropic can keep paying its chip rent. Lease-backed structures spread risk across many lenders, and senior investors still sit behind a cushion. If AI demand keeps growing, these deals give Anthropic computing capacity quickly, and lenders like Blackstone collect a rich, steady income stream for years.
The bear case
Paying more than 10% is a warning sign. It suggests lenders see real risk in a single tenant carrying very large lease commitments on hardware that ages fast. If AI revenue grows slower than hoped, the junior slice is first in line for losses. A higher cost of capital could also delay Anthropic's goal of an investment-grade rating and cool appetite for similar AI debt deals.
Why it matters
For investors
Private credit managers such as Blackstone, chip suppliers such as Broadcom, and the wider market for AI-related bonds could react to how this deal is received. Rising yields on AI debt may weigh on sentiment toward AI infrastructure spending.
The wider context
Much of the AI boom is being paid for with borrowed money. When that money gets more expensive, it can slow spending, which matters for anyone whose retirement fund holds tech stocks or corporate bonds.
Market impact
| Asset (ticker) | Possible move | Timeframe | Why |
|---|---|---|---|
| Blackstone (BX) | ↔ Unclear | Long term | Rich yields boost credit fund income, but the junior slice carries more AI risk. |
| Broadcom (AVGO) | ↑ Up | Long term | Financing keeps money flowing to the custom AI chips Broadcom helps supply. |
| iShares iBoxx High Yield Corporate Bond ETF (HYG) | ↔ Unclear | Short term | Shows lenders demanding junk-style yields for AI debt, a sentiment signal for credit. |
The FinPrism newsroom's view of how these figures could move, as of . It is general news commentary, not a recommendation to buy, sell or hold anything.
Frequently asked questions
Why is Anthropic paying Blackstone more than 10%?
According to the Financial Times, Blackstone is buying a junior slice of chip-lease debt, which absorbs losses before senior lenders. Riskier positions demand higher returns, and the report said Anthropic's high borrowing costs complicate its goal of reaching an investment-grade credit rating.
How does Anthropic's chip financing work?
A separate company set up for the deal buys the AI chips and leases them to Anthropic. Investors lend to that company and are repaid from Anthropic's lease payments. Senior lenders are paid first, while junior lenders such as Blackstone earn more for taking more risk.
What does a double-digit yield on AI debt tell investors?
It suggests lenders see meaningful risk in funding the AI build-out, especially when one borrower carries large commitments on hardware that ages quickly. Higher borrowing costs can slow spending plans and may affect sentiment toward AI-linked stocks and bonds.
Sources: Financial Times, Reuters via Euronext, Private Equity Wire, Crypto Briefing
How this was made: written with AI assistance from the sources listed above, following our editorial standards.
