On October 17, according to the Financial Times, Anthropic is offering Blackstone a high yield exceeding 10% to raise funds in support of its latest chip deal. This $60 billion debt financing plan, known as the 'North Star Project,' will assist Anthropic in procuring approximately 1.5 gigawatts of TPU custom semiconductors developed by Google. This is expected to become the largest chip financing deal to date and a significant litmus test for investor demand for artificial intelligence-related debt. According to sources familiar with the matter, a Blackstone fund will invest $9 billion to purchase debt secured by Anthropic's chip leasing payments over the next five years, accounting for half of the approximately $18 billion in subordinated loans. Blackstone will receive a coupon rate of 10%, with the total yield being even higher when accounting for the new issue discount and other fees. The ICE BofA US BB-rated High Yield Bond Index shows that borrowers with similar credit profiles typically pay yields of around 7% when financing in the public bond market.