Anthropic is expected to land a high junk credit rating from rating agencies once it completes its initial public offering, according to a Financial Times report. The forecast traces back to Blackstone, the anchor investor in a recent $63 billion deal to finance Anthropic's chips. Blackstone conveyed that expectation to investors in that deal, the FT reported.
The prediction marks a reversal for Blackstone. According to the FT, the investment giant had previously told investors the Claude maker would secure an investment-grade rating, which signals low risk for lenders, before 2027. Blackstone now expects a double B range rating, the top tier of speculative junk grade.
Anthropic and Blackstone both declined to comment when TechCrunch reached out.
Blackstone's forecast is only a prediction, but a high junk rating would carry consequences for the AI lab. It would make raising money more difficult and more expensive for Anthropic as it works to sustain the massive spending underpinning its business. The company has spent heavily over the past 12 months, accumulating large compute power deals, a pace that has worried investors.
Anthropic officially filed to go public earlier this week. The filing set off speculation about how the size of the IPO would affect the broader AI industry.
The credit picture matters to US lenders and investors weighing exposure to Anthropic's debt and to the chip financing arrangement Blackstone anchors. A double B rating sits at the top of the speculative grade, below the investment-grade threshold Blackstone had earlier projected.
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