Anthropic Seeks $60B Debt Financing with 10%+ Yields for AI Chips
Anthropic is raising a $60 billion debt financing deal led by Blackstone with yields exceeding 10% to fund massive chip purchases and infrastructure expansion. The funding package is divided into priority debt guaranteed by Broadcom and subordinated debt heavily backed by Blackstone funds. This massive borrowing cost highlights the soaring capital expenses and tightening risk premiums required by investors for artificial intelligence infrastructure. It reflects the intense financial pressure tech companies face as they race to secure hardware to maintain their market positions. The $60 billion financing structure comprises roughly $42 billion in senior debt guaranteed by Broadcom and $18 billion in subordinated debt with a 10% coupon rate. Notably, this borrowing cost is significantly higher than the 8.5% yield Anthropic paid on a similar debt issuance just four months prior.
## BACKGROUND
AI infrastructure financing has become one of the largest synchronized capital-allocation experiments in modern history, requiring billions of dollars for specialized computing chips and data centers. Companies frequently turn to complex debt structures, such as senior and subordinated debt, to fund these capital-intensive operations while preparing for major corporate milestones like public offerings.