Anthropic offers Blackstone double-digit yield to help fund chip purchases

Anthropic has offered Blackstone a double-digit yield as part of a financing deal to help fund its chip purchases, according to an FT report cited in wire coverage from October 16. The structure is the latest example of AI labs turning to private credit to cover the capital costs of building out computing capacity. The FT notes that paying a double-digit yield sits awkwardly with Anthropic's goal of achieving investment-grade status, since lenders typically demand high borrowing costs from issuers they view as risky. That tension — needing to borrow heavily for compute now while trying to build a credit profile that would lower future borrowing costs — is becoming a recurring theme across the AI financing landscape. What's not yet disclosed is the total size of the financing or its term length. Separately, Anthropic signed its first Canada data centre lease the same week, alongside EverWind's planned C$10 billion investment, underscoring the scale of capital commitments the company is making even as its borrowing costs remain elevated.