Blackstone's $63 billion Anthropic deal now points to a high junk rating
In the $63 billion Project North Star financing, Blackstone now expects Anthropic to carry a high junk rating after its IPO.
| Project North Star | |
|---|---|
| deal size | $63 billion |
| power | 1.5 gigawatts |
| senior loans | more than $42 billion |
| junior debt | $18 billion |
| Blackstone junior investment | $9 billion |
| junior yield | more than 10% |
| KBRA rating | double B plus |
| Morningstar DBRS rating | double B |
Broadcom guarantees $42 billion of senior loans. Blackstone funds put $9 billion into the junior debt, which KBRA rates at double B plus.
The financing funds a 1.5 gigawatt lease of Google semiconductors for a plan that spends more than $800 billion through 2045.
The binding constraint is the rating, not the chip lease. If Fitch, Moody's, or S&P leave Anthropic outside investment grade, insurance and pension capital stays out.
No official rating from Fitch, Moody's, or S&P appears in the document. The cash-flow figures needed to price the junior debt without a guarantee are absent.
The shift matters because it narrows the pool of lenders for a multi-decade infrastructure buildout.
After tradersunion.com. We did not report this. The pictures, if any, are theirs.
