Article · AI translation
IT Home reported on October 19 that, according to a Financial Times report on the 16th cited by CCTV Finance, U.S. artificial intelligence company Anthropic is offering a yield of more than 10% to attract financing from Blackstone for its chip deal.
The $60 billion in debt financing (IT Home note: approximately 402.175 billion yuan at the current exchange rate) is divided into 2 parts: approximately $42 billion (approximately 281.522 billion yuan at the current exchange rate) in senior debt, guaranteed by semiconductor company Broadcom. Bank of America, Citigroup and Morgan Stanley have already begun syndicating it. The other part is $18 billion (approximately 120.652 billion yuan at the current exchange rate) in junior debt.
People familiar with the matter said Blackstone funds will invest $9 billion (approximately 60.326 billion yuan at the current exchange rate) to purchase the junior debt, which carries a 10% coupon; the total return will be higher after accounting for the new-issue discount and other fees. The remaining $9 billion (approximately 60.326 billion yuan at the current exchange rate) in junior debt is expected to be distributed with Blackstone's assistance over the coming months, though its yield may be lower.
The report noted that just 4 months ago, Anthropic issued approximately $4.4 billion (approximately 29.493 billion yuan at the current exchange rate) in debt in a similar deal at a yield of 8.5%. The higher borrowing cost in this financing reflects investors' demand for a higher risk premium when financing AI infrastructure and highlights the pressure created by technology companies' enormous short-term funding needs.
IT Home noted that Anthropic is planning one of the largest IPOs in history. The company will go public under the legal structure of a Public Benefit Corporation (PBC), which requires management to consider broader public interests while pursuing commercial returns for investors.
The company, which positions itself as putting safety first, often emphasizes the risks associated with its AI models. Most recently, in its IPO prospectus, it said the models might exhibit “self-preservation behavior.” Including the newly established fund, approximately 20% of Anthropic's shares in total will be dedicated to public purposes, excluding any additional shares that may be allocated if future valuation milestones are reached.
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