Anthropic expected to get a high junk credit rating after IPO, FT reports
The Financial Times reports that Anthropic is expected to receive a high "junk" rating from credit rating agencies following its initial public offering. TechCrunch relayed the report.
The source of the expectation is Blackstone, the investment giant that is the anchor investor in a recent $63 billion deal to finance Anthropic's chips. According to the FT, Blackstone told investors in that deal that it expects the AI lab to land a "high" junk rating after the IPO.
That is a reversal. The FT notes that Blackstone had previously said the opposite: that the Claude maker would receive an investment-grade rating, which indicates low risk for lenders, before 2027 rolls around. Now, according to the reporting, Blackstone expects a double B range rating, the top tier of the speculative "junk" grade.
TechCrunch reached out to Anthropic and Blackstone, and both declined to comment.
TechCrunch frames the forecast as just a prediction, but says a high junk rating would make it more difficult and costlier for Anthropic to raise the money to keep funding its massive spending. The lab has been on a spending spree, racking up large compute power deals throughout the past 12 months, which has worried investors. Anthropic officially filed to go public earlier this week, which set off a wave of speculation about how the IPO would affect the broader AI industry.
Key facts
- The Financial Times reports that Anthropic is expected to receive a high "junk" rating from credit rating agencies after its IPO.
- The expectation comes from Blackstone, anchor investor in a recent $63 billion deal to finance Anthropic's chips, which told investors in the deal about it.
- Blackstone had earlier said Anthropic would get an investment-grade rating before 2027; it now expects a double B range rating, the top tier of speculative "junk" grade.
- TechCrunch says a high junk rating would make it harder and costlier for Anthropic to raise money for its spending.
- Anthropic and Blackstone both declined to comment to TechCrunch.
Why it matters
A credit rating sets how risky lenders think a borrower is. Anthropic has been racking up large compute power deals over the past 12 months, and separately Blackstone anchored a recent $63 billion deal to finance its chips. Blackstone's earlier line was that Anthropic would reach investment grade before 2027; the new expectation is the top tier of speculative grade. TechCrunch's assessment is that a high junk rating would make it more difficult and costlier for Anthropic to raise the money to keep funding its spending. The report lands in the same week Anthropic filed to go public.
Who it affects
Anthropic is the borrower whose rating is in question. Blackstone and the other investors in the $63 billion chip-financing deal are the audience for the forecast; the source names only Blackstone, as anchor investor. TechCrunch also notes that Anthropic's compute deals have worried investors, and that the IPO filing set off speculation about its impact on the broader AI industry.
How to use it
There is nothing to adopt here; this is a financial signal to read, not a product. For anyone following Anthropic's IPO, the useful thing to track is the rating the agencies actually assign after the offering, and whether it lands in the double B range Blackstone now expects or somewhere else.
How solid is it
The claim is secondhand. TechCrunch is relaying an FT report, which in turn relays what Blackstone told investors. Neither Anthropic nor Blackstone commented to TechCrunch, so there is no confirmation or denial from them. The source gives no rating symbols beyond "double B range" and does not name the rating agencies.
Risks and caveats
TechCrunch itself calls the forecast just a prediction. The ratings have not been assigned, and the source gives no date for the IPO or for when a rating would be issued. It also does not say why Blackstone changed its view, so any explanation would be guesswork. The impact on Anthropic's cost of raising money is TechCrunch's judgment, not a figure from the FT.
“Blackstone’s forecast is just a prediction”
— TechCrunch