Big Sky Partners

Venture capital firm
New York, NY

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Strategy

Stages
SeedSeries A
Sectors
Enterprise
Geographies
USANew York, NY

Latest Pulse

  1. Nvidia's $500B Capital Play Shows Financing Is The New AI RaceNvidia has mobilized more than $500 billion in third-party capital for AI infrastructure, and growing dependence on debt and credit markets is becoming as decisive a competitive edge as model quality.โ†’
  2. AI's Debt Barbell Is Starting To BendThree separate AI financing deals have moved toward successively higher junior-tranche yields over the past year, while two straight IPO withdrawals suggest investors are getting pickier about who gets cheap capital next.โ†’
  3. AI Infrastructure Debt Keeps Getting More ExpensiveJunior-tranche yields on AI infrastructure financing rose from 8.5% on Project Big Sky to above 10% on Anthropic's Project North Star, while CoreWeave's bonds trade near 15%, a rising cost of capital across three separate deals.โ†’
  4. Anthropic's 10%+ AI Debt Is Quietly Becoming Every LP's RiskLPs who think they've diversified away from AI-equity risk by also holding private-credit or infrastructure-debt funds may be making the same AI-demand bet twice, just through different legal structures.โ†’
  5. Anthropic's $60B Debt Plan Would Pay Blackstone 10%+ YieldsAnthropic is negotiating a $60 billion chip-financing package, Project North Star, that would have Blackstone funds anchor an $18 billion junior tranche at yields above 10% to fund 1.5 gigawatts of Google TPUs.โ†’