Anthropic is assembling a $60 billion debt package to finance its purchase of custom Tensor Processing Units (TPUs) from Google. The deal is among the largest chip-financing arrangements to date and will test investor appetite for AI-related debt amid concerns about heavy capital spending in the tech sector.
A $42 billion senior-secured tranche is backed by chipmaker Broadcom. The package also includes an $18 billion junior tranche. Anthropic is offering private equity firm Blackstone a yield exceeding 10% on its investment. Blackstone is investing $9 billion.
The high yield reflects rising borrowing costs and investor demand for higher risk premiums to fund the large-scale AI infrastructure build-out.